Hi there.
First and foremost some backround informations about myself and my “tradingcareer” so far:
I entered the fascinating world of trading half a year ago. In the first 2 months I just read, read, read (and of course looked at charts) - no actual trading
Like many of the rookie traders, I quickly found out about these “amazing” crossing MA strategies and all that kinda stuff
Didnt took me long to figure out that thats all crap.
Afterwards I tried to create a strategy for the 1m timeframe (very technical) with the help of some more expericed traders. I was seeking for an “action-approach”. My latest backtest results (I spend weeks on) showed decent profit (spread inculed), but Im sure, I was careless from time to time. Also slippage would ve made a great diffrence in livetrading, I think.
I started my 1m-Timeframe-Journey because I thought I could come up with a system that would provide multiple entries within an hour. After 1-2 month of creating this system and erasing all the signals that werent even profitable in the backtest, I ended up having a system with 1-2 signals per 8-hour-day. Problem with that: A signal wasnt spottable hours before, but instead most of the time it only took minutes to set up.
So in conclusion the charts would have needed my full attention (no break) for an 8 hour day, only to spot 1-2 signals. That wasnt the plan, I had, as I tried to beat the 1m timeframe. Further I tought, its kinda stupid to trade the 1m timeframe, only to trade 1 signal a day - I could make 1 trade a day happen pretty easily on a higher timeframe with less noise and better signals. And ulitmately due to the fact that I had very slim stoploss and targets, my positionsize had to be fairly big in order to be able to risk more then 1%. That caused margin problems very fast, makin it often impossible to open more then 1 trade at once.
So I dismissed the plan of trading the 1m timeframe before even starting to forwardtest it.
Frustrated spending 2 months on nothing I took a 1 month break.
After coming back I made a new plan. Trade a system that consists of the 2 following criteria:
- No need to look through all the charts more then once every 2-3 hours
- Trade maybe 1-2 trades per day average.
Since I spend so much time on the 1m timeframe, I had no clue how to make trades on the higher timeframe or how to find good setups.
So I spend weeks learning about priceaction and eventually found out about patterns too. I was reading every article and watching every video on those two topics, I could find.
And now, that I am feeling educated enough, I think its better to learn from my mistakes, then from another video or article that just repeats stuff, I already know, with other words.
But since Im tired of backtesting, I think forwardtesting is the better way to go for me currently.
And that what this thread is for.
I dont wanna be alone with my thoughts and even more important, I need some sort of motivation. I think a thread here is the right step.
I hope many of you give me some thoughts on the setups I am goin to post, and of course you can also post setups on your own if u want.
And if you are a patter or priceaction trader you might find one or two setups here, you can trade on your own - you never know
Currently I already have a basic trading plan for my pattern-trading - i will start with that tomorrow - But I still need one for my priceaction trading. I will work this out over the weekend.
Pattern-wise I will shoot you the important information on which and how I am going to trade, later this day.