SS S/R - super stupid S/R trading experiment

What is it like to successful in this bussiness?

At the beginning of my new path of being trader I thoght I need to know where market is going. Yesterday I was coached by very famous coach but I keep his name in secret because I want to be honest with traders and tell them truth about trading.

This coach, as every others was explaining why fiber is going up or down. And it makes me sick. We are traders, not analytics. Those gurus show us analytical part. Our job is to make money, not to guess and predict future market movement. Is market going up or down? I really dont care. Why I should? If I know fiber is going up, am I able to make money? Do I know how to trade it?

It is great to see where market are going but I just dont care. I trade because of money (and because I like this highly challenging enviroment). When I enter a position I have no idea if market keeps going in my direction. And to be honest, you dont need to know to make money. We just need to trade situations which are in our favour. I believe s/r are respected in market and all strategies I use are base on this simply belief. Is it enough? Obviously it is.
Create your plan and trade it. Never trade your predictions, it is highway to hell.

People believe it will be easy to succeed. It wont be. Believe me. You will be frustrated most of the time. You cant believe you made the same stupid mistake you did some time ago. It happens once, twice.... There are always new mistakes to make. We need to make them to go ahead. After every mistake you feel as total idiot. And trading is all about it. Making mistake, learn from it, make another mistake and so on. It is never ending process. Most of you will fail because on unwilligness to keep going. Nobody is prepared to fail so many times in so short period of time. Those who are strong enough can learn how to deal with their own selves. Trading is the only real enviroment where you are the only one obstacle in fulfilling your dreams. You need to take responsability for actions. When you screw something up it is your fault. There is nobody you can point at to blame him. You have to look at mirror and talk to you honestly. It is really hard lessons nobody prepare us for.

This game is not about market, indicator or some kind of magical system. It is about us. We have to experience failure to improve. Failure is the best what can happen to us. It sounds rare, but it is truth. I failed in university in last year of my study of mechanical engineering. What I can do? It is my failure! Is it? Really?
It learned me a lot about myself and it was a great experience (and probably the best thing that could happen to me).

Failures are our teachers. Not enemies. Accept them and learn from them.

This is trading. Nobody cares about you in the market. You are there alone with your thoughts. Learn how to handle that voice in your head telling you cant succeed and work hard to become a good trader. Head up and fail to learn new things about you.

All my trading is about finding strong supports and resistances and wait to cross them. Once it is crossed I wait for false breakout.



It is that easy. Then we have to move our SL to some logical level, which is low of the candle that closes higher than the previous one.



It is all about S/R and false break-out. That's all. I want to decrease my pip risk. It helps my to increase my RR. If market goes my direction it is very easy to make 1:10 or even more. But it is compensated with lower win rate. I like to keep my loosers small and win big. I hate big drawdowns and I love big upmoves in my favour. This system was made while keeping this conditions in mind.

Do you see how to trade it?



Dont be afraid to go against the market. It can pay out in long-term. Sometimes you get your ass kicked, but it is part of the game.

ProsteJa
Thanks for that explanation. Looks great... almost looks too simple to work. For some reason I thought you were doing touch trades where PA forms S/R, crosses the S/R strongly, comes back and "touches" the S/R line again where you take the trade. Thus, taking the "touch" without any bounce "confirmation". Anyway, the method you described would seem to have a lot more trades.

Do you trade mostly as you described in these last posts?

I'll be looking for some of those setups this coming week - mostly on the 4h charts. It is going to be a great week.

Hi elway,

There are some exception when I feel market is exhausted and could revert. Bounce off s/r is not very apparent when you look at closed bar. Let me show you an example.




Now, I always wait for false break-out and candle to close above or below s/r. Im not able trade touches without confirmation successfully. I suck doing it. So I always wait for "wick confirmation". They often dont work but RR is very high so when you catch big winner you get your money back very quickly.



This is another example. I should re-write the first post of this thread. I would be glad if you publish your trades here elway.

Adam

I missed my level (upper bluebox) so i entered for worse price...

risk decreased

BE

took profit on support. im flat. ciao everybody. It was short seasion today. I like days like this one.

Took EU at NY close. Locked in profit at the moment.

nice to see how you trade ProsteJa. does it also apply to shorter time frames like 5m to 30m?

Hi botsoq,

I trade it only on higher TF and i didnt test it lower. SL are up to 15 pips so I dont think it is neccessary to shorten TF. I would call it intraday trading from higher TF. But maybe you can get better results on lower TF. To be honest, I have no idea

Feel free to share your own trades

Adam

attacking mid-range of UJ

UJ update: SL hit

Im not afraid to take a stand ... or how I re-entered my position

stopped at BE

Entered just above 1.5
Bringing stop to BE.

Perfect one!

15 trades made ... If it continues like this I will deposit my testing account