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.
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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.
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Sounds good.
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.
Hey
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
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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
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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.
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