I am new but in this for last two years INTRA-DAY Trading in Stocks. Not forex. Have lost money so far sum total.
I use 1 mt, 5 mt and 15 mt charts for Intra-Day
But i also sense I can do this. AS MANY times judge the PRICE DIRECTION Correctly and the Price Amount too. But I need to increase this to get me NET Profits.
Now I have looked at price action.
I have also looked at Indicators. And the Indicators I use are:-
Awesome Oscilaltor, Stochastic RSI, Bollinger Band, +DMI / -DMI, VWAP
I also KNOW that I may be using same indicators and SHOULD not use and so ON
But my basic question is
What should I really use?
I find Price Action is suitable for inter-day trading using longer time frames like 4 hours or so which is not for INTRA DAY.
I also find that NO Indicator is fool proof
So for a person like me and my INTRA DAY which technique Should I really go for?
I shall then study more of that
Currently I am studying everything and Swinging from USING one to another over time
Losing is part of the game, and managing or mitigating loss separate profitable traders from losing traders.
3 is the maximum I would suggest for any indicator setup; also have only 1 from each family type or you’ll get conflicting or confusing signals. Awesome O. & Stochastic are both oscilators, use just 1; BB and DMI are volatility indicators, use just 1. Vwap is fine until the time period resets and builds enough data to provide an accurate signal again.
Do you have a set of trading rules or a methodology laid out that you’re following exactly every trade? If not, perhaps thinning down your indicators to 1 or 2 at most and create a ruleset for trading that setup. Follow it for 30 days and see if you’re at or near a 50% win rate. Then adjust the rules or indicator settings, backtest the setup, and see if that improves at all. The worst thing you can do is continuously change indicators or trade methods and feeling defeated or like it’s not working if every trade isn’t winning. 51% win rate is all it takes if you keep losses to a minimum.
Example: Each trade is 10% or less portfolio exposure, no more than 30% portfolio exposure at any time. Stoploss or trailing stop is set for 1% risk (meaning you can lose up to 1% of your portfolio on a bad trade). This way if 2 of your 3 trades are bad, the 1 winning one could exceed the losses of the other two. That would be a profitable day.
Here’s my setup I’ve been using for most of 2020:
My rules: Enter when both EFI and OBV-C cross in the same direction within 2 candles of each other
10% position size
1% risk trailing stop
Trade between 7am and 11am EST
And I let it run like a machine, no 2nd thought given to the trades. Get a signal, trade and set trail
And my trail just triggered, retaining 10 pips for the good guys +3% gain in 45 mins. Now time to find a new trade or wait this one out for a reversal signal, or continuation signal
Hi
Am sorry for late reply. Thanks for such a detailed setup share
I will go through
Of course this is FOREX and I am into stocks and that too Intra Day
But am sure this will help me learn too
No worries, hope there’s some help or value to you.
Keep in mind for a technical analyst/trader, the charts and instruments are the same. People who focus on fundamentals trading are wary of different markets. I’m just as comfortable trading e-minis, crypto, fx, stocks…etc. Charts show there’s a setup, I enter.
