Postby Mr. Hyde » Sat Jan 06, 2018 3:48 am
So lets recap 2017. Yea I was profitable, but that was the only good thing.
Pretty much my 1st year trading with very little education. I was given setups that I looked for to take a trade. I was restricted to only taking the most perfect setups (u will see them in my post). I was taught on dailies and 4hr charts 1st. I liked the idea of stf but never really found my groove.
If I had to grade myself againt the other profitable traders on this site I would get a D+, maybe C-. So the results.
Short term trades. Won about 6.5 out of 10. RR was about 2 to 1.
Long term trades. Won just over 5 out of 10. But the RR was close to 15 to 1.
Now before anyone cries foul. I post loser after loser all the time. Now I assume a lot of the wins I posted were a combination of a slight understanding of what I was doing and luck.
I know I suck at day trading. I see all these amazing scalpers/day traders on here and try to be like them. First it was aiming for Dragon like results (100 pips a day+). Then I realized very quickly I had no chance of doing that day in and day out. Then there was doji, who had a very realistic goal of 20-40 pips a day. The problem was I only understood a part of his methodogly. So I had some big wins and some small losses and then found myself not being able to be consistent or be able to right a trade plan of what I was doing. Then there are still people like TRO (will never achieve his success), Lemac, Alais. That are all amazing day trades who take profits out of the market daily.
That's not me. Thinking I need a certain amount of pips or can trade for a few pips here or there with a random set sl is not me. I will blow my account out. Yea I might make a 400 pips a month, which is 20 pips a day, but I might make that in 2 or 3 trades. So for me waiting is key.
Now long term. The main reasons for losses are a lack of true direction, to small of a sl, not boxing in profits and forcing trades/expecting a setup and trading to early. The good thing is my wins blow my loses out of the water.
Goals for 2018
Learn a repeatable scalping/daytrading method that can be used consistently. I have gone back to Doji thread. There is something about this that just attracts me and I feel is the best path for me.
Long term (and short term). I need to learn how to read market structure/PA. My trading is simply based off of very basic setups that have to be near perfect. Yea I may have made a profit this year but who knows about this one or the next. look/read the post of the vets here and they have a deep understanding of what price is going to do. They know when to exit for a quick gain when price is in a range. Then they also know when to add to a trade/when price is going to S/R. Just look at how DC will hold a simple 123 for a 100 pips or Doji will get 200 plus. And these mother lovers call them scalpers.
Then there are traders like Jala, Bredin (and the other Insanity guys) and MO. They know when price has ran out of energy one way and will reverse and do this on 4hr and up charts. They know where to hedge, add profits and how to use angles.
So I know the majority of traders on here learned how to trade from this site, but I know for me to better myself I need to learn the basics. And when I say basics, I don't mean MO 101 zlines. Not even 100 trading basics. I need helmet wearing, short bus riding education. Where are sell/buy orders, swing low/highs, price failures, trends, changes of behavior, understanding what a candle means when its a small candle, wide range war, closed in the top/bottom third of the candle, good separation, congestion, BO's, S/D.
So over the next, however long I'm going to be compiling post from here and idea's from my normal places (joe ross, median lines and basic trade setups). I will hand chart evey market I watch on the daily, weekly and monthlies. I assume/hope that the actuall drawing of the bar will force me to interept the bar itself and the structure of the market, instead of just letting a computer do it for me.
My goals overall will be to get my intraday trades up a 70-80% win rate with at least a 2 to 1, hopefully 3 to 1. Long term, if I won over 60% and kept my RR at or over 15 to 1 I would be happy.
Also for those who are new or are still not profitable, my biggest recommendation is to some how get someone that can teach you live (not over a forum). Yes there are amazing traders/ideas/post on this site. But if a member was able to trader with direct contact with a trader it would make a huge improvement. I can speak from expierence. When you can ask the why, who, what, where and when a trade did or didn't work out it will build itself in to you. So you wont hesisitate, or question yourself when you should be taking action.
Well I think that's it for now. Lets get those zero's this year.
Last edited by
Mr. Hyde on Sat Jan 06, 2018 6:09 am, edited 2 times in total.