Even if you can get your losses down to 49% of the time, that would mean you are winning 51% and if sticking to strategy, profitable 
itâs not that straightforward, SCM. what if a few of the 49% losses were a lot bigger than the 51% wins?
keep trying, youâll find your way, with small amounts of money of-course;
Cheers
5 minutes chart is less accurate than if you use higher time frame chart.
Price is price. It canât be inaccurate on any time frame.
what iâm saying is âusing the toolâ, not the price
Hereâs a great method, once you get it down. 3 tap method, on the H4 chart. Only indicator used is RSI.
Youâre not doing anything wrong - its a case that you will need to go through the journey!
Ya I would use a higher timeframe to get better confidence in price movement. Thatâs just from my own experience though.
Also try to keep in mind that the tools you are using are âindicatorsâ. They should be used to help support your decision to go long or short for a given pair.
Good luck and hang in there!
also be aware of major events, if you know how to take advantage, use them; if you donât, stay aside, major events donât take in consideration trends, indicators, etc.
Cheers
If you are applying a sound risk management and using your stop losses well, then this should not be so much of a problem, the key term in what I stated was âsticking to strategyâ. If you are losing more than you are winning consistantly, and burning through your trading capital then you are either taking far too many risks or your strategy is not working.
The point really I guess in what I was meaning was that you should not be put off or discouraged or even feel failure by a loss. Losses are to be expected once in a while even in the most robust trading system.
you have to understand losses and accept them, they are part of the journey; but no loss should be big enough to stop you from trading, calculate your S/L put less money per trade and keep walking
Cheers
keep taking steps; one after other
Hi All.
I have a question (maybe a silly one).
What does it mean when an entry rule of a method states: enter at the 18 day moving average oin a limit? I looked at the accompanying chart and it has plotted the 18 day MA nicely, but the entry is way above the 18 day MA and was filled on or around the open the day after the limit wass placed. I thought that this meant that the entry is made at the level of the 18 day MA. Obviously my interpretation is wrong. Can anyone advise please?
Kind regards,
Jack (newby trader).
Iâve just read part of it. It means drop all that and forget whatever you know so far (except risk management off course) and start to learn how the herd think and do in front of what you are seeing. Idiocy of masses, that is the only indicator that barely works.
If you think indicators are the only thing for you, well the same applies, donât use it as entry system, instead see it as something that everyone else is using too and take the opposite position when you know the signal given is a false one and take the appointed direction when the herd is sick of being stoped out and they start to take the oposite side. In other words this is just a poker game,but much bigger.
The only way you are going to profit here is thinking independantly and creating an unique aproach to the market without reinventing risk management.
Thanks Mr Gone.
It has not answered my question. I, actually trade Price Action methods, but am always on the lookout for other profitable methods. That way, I will assess for myself the validity of any method which I test. This particular method requires an entry as described and, frankly, I donât understand what it means. I canât actually demo trade this method without knowing what it means to enter at the 18 day moving average on a limit. Hence my question.
I am very much aware of your warning and thank you for re-inforcing it for me. I actually try to use âcommonâ methods/indicators in âuncommonâ ways, so I donât trade with the majority, but often trade a contrarian method, with good success. I donât use indicators to identify trades, I just use them for confirmation of what my price action has already identified. The 18 day moving average is just a trend identifier for the method I am testing.
I am hoping that some other members have some idea what this actually means and that they are willing to share their knowledge with me?
Kind regards and happy and profitable trading.
Jack.
Hey Jack. I read both your posts and their directions mean what you think it means. I would be interested to actually see the chart if you can provide a URL or a link? They might have uploaded the wrong chart. I know from my personal experience people often donât bother to double check their graphics when they upload them.
you must comprehend loss and also acknowledge these. they may be area of the quest, yet simply no damage needs to be huge adequate to avoid an individual coming from investing. you ought to compute the S/L set less overall every business and also retain jogging.
The wrong thing that which you are doing is that you are using almost most of the tools you have equipped with, thats not the right way to trade. Just make sure of your trading style and only use the systems which is suitable for you. Do not complicate your trading with too many tools.
Looks like that youâre using too many indicators and tools. Try to reduce some of them to see which ones really help you.