Don_xyZ wrote:0. Have a bias. Without this, the rest means nothing. Get your bias from chart patterns or indicators or candles or whatever you see good.
1. Always trade the fractal. Mark them, learn each of them (because there are many different scenarios that preceed them).
2. You either take a Reversal fractal or Continuation fractal. Reversals will give you the most bang for the buck but they are very tricky to master. Continuation fractal is very convenient but offers less reward.
3. Take the nearest spot to the fractal. Look for how you can enter as near as possible or at the tip of the fractal. The wick is the best position you can get on any chart.
4. Grade the potential entry. You must have filters on this phase. A lot of future losing trades will be cut off.
5. Drag ‘em to the other time frame. Multi-time frame is where the pot of gold is. Learn to be comfortable extending the run of your profit. This is easier said than done that’s why you need to demo trade it. Most of my big profits came from optimizing my risk (risk is a subjective matter though) and extending the trade to a bigger time frame. You must position your trade well before you do this.
6 -100. The what ifs and their solutions (I’m sure you never get this advice before). A lot of my time was spent figuring out what if things don’t go textbook, this is where you should think about every other possibilities that can happen before, during, and after you exit your trade and find the solution for them.
101. Never skip your rest. Enjoy your weekend!
Sorry Don, I just realised I never replied to this.
Thank you for that.
I'll have a look at the what ifs as well. Assuming they are in your thread?