i took 7 more trades in GJ, i am underwater in 1 position at 147.01…but as you can see i added many times and made many pips while the orginal entry is moving against me. Hopefully you can start and see how my system works.
It seems that all your small wins would be given back after a 10% account stop loss is hit unless you have a very high hit rate. Have you experienced this?
took 1 more trade for a +20 and closed the trade i was underwater in for a small loss of -4 pips. Reason for the small loss is only bc the entry was at the roundie, and wasn’t sure if it would hold or not.
Yes you are right, I do have a very high hit rate well over 95% because I give my trades so much room to work out. The thing is hit rate really doesn’t matter because it is how much you make when you are right and how much you lose when your are wrong. There are traders that have a 30% hit rate and are profitible. After a few weeks of seeing me trade you will get a much better feel for what I am doing. Typcially I make 150 pips a day which is about 1.5% gain on my account. So in order to be profitable all I have to do is make it 7 days without taking a loss. In my experience that has been relatively easy due to my trading style. I typically take a loss every three weeks.
This trading style is a little difficult when the market is trending and your cought against the trend, but when you get a couple of months of a sideways market that makes up for everything because if you can make 1.5% everyday for that time frame you are way ahead of the game.
can you please explain what dictates your “instinct” in jumping in those trades? If its something other than a “gut feeling,” i would love to learn how to emulate it. thank you
Getting into a trade is a combination of different things. Sometimes I will have a price on a trendline, or a support and resistance area that I want to get in at and as soon as it gets close I get in. As you have probably noticed I tend to go against the trend often when the tape starts to slow down… heiken ashi candles are also a big help in this aspect because they help to show a change in the trend. The more you watch them the earlier you can get into trades. In the beginning I used to wait for the candle to change colors and close before getting in. Now I am able to predict with good accuracy when it is about to change as soon as the candle is about to form. You are right though a good amount of it is “instinct”. I have spent countless hours in front of the computer watching price action and the experience is priceless. The secret really is patience and practicing.
sorry for the delay but been busy past 24 hours with thanksgiving. I took 5 more trades after the last post. +18 +19 +12 +10 +20=+79 pips. I will be taking day off for thanksgiving, will return on friday.
NOVEMBER 26TH: DAILY TOTAL: +258 PIPS
3 DAY GRAND TOTAL: +563 PIPS
took first trade of the day here in the GJ on the long side right near the roundie, for a +20…today could be a very slow day trading, with a lot of people taking off today…be cautious
NOVEMBER 28TH’S GRAND TOTAL: +20 PIPS
4 DAY GRAND TOTAL: +629 PIPS