In here I will be posting results from my live day trading journey using fixed risk reward ratios with screenshots from metatrader when trading setups have taken place and positions closed.
This technique has always been accepted as being profitable, but has never been challenged as far as I know. I surmise that most traders place their S/L at a level which is their monetary risk amount and then use the RRR to place their profit amount…
IMO, this is a redundant hit and miss technique unless the T/P is positioned before the price action reaches S&R and/or S&D zones where losing traders close their positions or get stopped out. And then set S/L at an appropriate risk position below which gives a breathing space to prevent being triggered by a small retracement on route to success.
Looking forward to your screenshots.
1- What TF and strategy?
2- How long have you been trading?
3- Any particular pairs?
I would like more details on the work strategy and results. I think it would be pretty helpful.
2022-10-12 & 13
Here are my trades from today + yesterday
I closed out on the previous days trades because it was 1am after the midnight rollover and I decided to sleep.
I use hidden tp so the viewed aint the actual ones, the sl is though.
As this is a day trading journal (my mistake naming it that) I will try to focus on intra-day movements
This strategy is reliant on momentum so its a directional strategy although i’m trying to catch probable continuation moves that might fail or succeed
You have a fair assumption and I agree on terms of it not being superior to any other method per se as it has its own upsides and downsides
I would say it does remove a lot of the guessing of targets when you have specifics which is an upside
I use an EA that calculates the sizes and everything else automatically so all I do is press buy/sell after dragging areas of sl
If I read your process correctly your EA is focusing on S/L placement where it should be focusing on T/P placement. Otherwise it’s a hit and miss approach.
Use pivot tables for identifying S/R zones.