Disliked{quote} Magix I've been following your posts for a while, I like you trading style though different to what I am pursuing. I am one of those who is more quiet on these forums because I feel I have more to learn rather promoting my opinion. The only thing I wanted to ask is that don't you agree it all comes down to trade management? You can pick Support/resistance but who knows if it will bounce 5 or 50 pips (or just break though)? Also your SL is relevant. A 20 pip SL with 5 pip TP isn't my style of trading. When I look at your charts, i think that...Ignored
And there is definitely a combination of charting and money management that is required.
If you look through the evolution of trade systems throughout the factory, you can see that most are a combination of both.
When to get in, and when to get out...taking profit isn't always going to be the inevitable exit.
If you haven't already, have a look at this thread HERE.
I am not saying to use this method, but have a look at how Udine has his idea of trading layed out. Small high probability ranges based on playing the trend and finding consistency...look at how fast this thread has grown...
It doesn't offer hundreds of pips per day, it offers a few at a time, with a limited risk.
When I first started trading, I used to look for the big swings...wanted to see those hundred pip trades...they can still be found, but what is on the table when you are finding them? How much do you lose or have to hold in draws to see these?
Have a look through the trade explorers that others post...what you will find is that a lot of these are deep underwater. When you have a look at the ones that are positive, you will see that the equity curve is typically a 45 degree(ish) angle sloping upward...
What's the difference? Short gains with relatively low exposure on the positive gain explorers...hundreds of pips underwater and losses on the losing ones.
Money Management and consistency...consistency is chart dependent. Profiting comes from not only knowing how to manage your wins and losses, but comes from finding more wins than losses.
I post support and resistance ranges...but I trade off of completely different charts. I am an M1 trader, and trip off of the M1 charts, looking for the same thing...low risk, high probability.
How you find your trades, the methods or system that you use...that is completely up to how you view the market. I don't think everybody should trade like I do, nor do I claim to have a perfect system, nor do I think that I have the only profitable system. I simply claim that you can increase your odds by not selling into support, not buying into resistance and not standing in the way of speeding trains.
Combine these with an RR that is suited to your idea of reasonable and look for your own specific consistency. That will be your longevity in market.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!