Mira wrote:paweldobkowski wrote:Mira wrote:After reading Lem’s, Pawel’s and Alias convo about the position sizing I started to think that maybe I should mitigate the risk over more trades instead of only one.
I could set a daily goal, i.e. two lines or N pips, and divide the size in more trades without increasing positions until the next day..
The only problem is that, since I haven’t all day but only the NY session (and some day off because of other stuff), trading the 15 min doesn’t offers me so many trades all the times.
I’m thinking then to go down to 5 a min chart biased on, to say, a 15/30 min chart. Looking at the current week I had only one occasion on Monday, not so much..
I’m just thinking out loud, any suggestion is well accepted.
first of all
i wanna congratulate you on your second week ending green
although try not to think how many days/ weeks/ months you got green in the row tho
it can get to your head ---- that was at least my experience early on
keep things light
there is this unique dichotomy you need to keep in mind
this is easy work when you got your sht down ---- you need to feel like its not a big deal
but at the same you need to stay grounded ---- stay focused on the process
but if you can pull 2 weeks off you got it in my opinion
NOW THE SMALLER FRAMES
we got more or less the same price action and order flow on all the timeframes
but the feeling and timing of the market is HUGE
so the transition might require a little adjusting
but in the end of the day you need involvement
so i would go for it
i dont know exactly what you trade
and i dont want to mess your sht up (because what you do clearly works)
dont start to switch up things
but when you go from TF to TF keep in mind the price movement
not the candles ---- candles are there to mislead you
failed low on H1
is a perfectly good low and turn on M1
even tho the candles will be "sliced" by time differently you can still look for the same patterns
but please dont spend too much time on what i said
you should be able to move lower -> get more action -> and still do what you do
maybe just check ATRs because you dont want to be waiting for the same moves etc.
this will come with time anyway tho!
sorry if i rumble too much
Thank you Pawel
Two weeks in green are just a small goal into a long red string
However I’m working hard to get the right mentality, I was about to leave trading forever since a month ago.. your job here gave me the strength to start again this time too.
At the moment I’m just focusing on keeping things simple so that can stay clear in my mind.. let’s see!
Funny that you talked about ATR, I was thinking about it last night but I know too little about it.
My idea was to use ATR to find my first target (I.e where I’d close 50% of the position size).. or am I saying weird sht? Lol
ATR is a tool to help judge volatility. It helps give a general idea of how far price move on average over a set period of time. If you are basing your trades off of a 5m candle and the ATR is 4 pips you shouldn't target 8 pip moves based on that chart. One of the hardest things about trading is knowing when to scale out or exit a trade. Using ATR can give you context.