If you're confused, look at entrance points first, then move on to averages.
Enter/exit points are simple: if you looked at a chart, and wanted to go long, where you want to enter at? The LOWEST point, right? And where would you want to exit that trade? The HIGHEST point on the chart. Do you see where lowest/highest come into play? They are the extremes!
Try to enter at the extreme end of a candle, and hold until you reach the opposite extreme.
Averaging in above retracements allows for you to increase your size once you know you are right. More retracements allow for more averages, bigger profit in the end.
Try and catch the extreme ends of a weekly candle. I may actually try to do that myself, since I need the experience.
Blind Mouse Strategy
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Like rat reversals? Yes. But I'm constantly draining my account. However 80% of my short trades are win and 60%of long win. But there are days, when I'm on wrong side all day and all my money go away:( One day I've made 140%. It was a day that I've catched all big moves. But the other day I've catched them too, but in counter way:) And so I still can't be profitable.
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- TygerKrane
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You say 1%...is that 1% spread out over a 10pip SL or 50??
That would also affect how many failed attempts you are getting in a day. (concerning the days when you give it all back; I knew that feeling)
If you are using a small stop - with the aim of letting it get hit - trying pick the extreme and hold long term off the actions of individual M15, it's about as bad as following purely M5's for that same purpose.
~Krane
That would also affect how many failed attempts you are getting in a day. (concerning the days when you give it all back; I knew that feeling)
If you are using a small stop - with the aim of letting it get hit - trying pick the extreme and hold long term off the actions of individual M15, it's about as bad as following purely M5's for that same purpose.
~Krane
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
- newark18
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IMHO, using small stops is just not worth it if you are trying to capture large pips. Use a large stop 50-100 pips but enter with a 1/2 position so it is really a 25-50 pips stop. Think big picture. You are not trying to capture small pips...you are trying to capture 400-1000 pips after you average in. Use low risk how reward to your favor. And you won't worry about being incorrect on a few entries.
Failure is an opportunity to learn.
- TygerKrane
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It should be noted that I have usually have TONS of screen time at my disposal, so I tend to work towards micro-managing my entries when I trade.
If I didn't have as much time, I'd pretty much be going at it the way newark does.
newark, when you give yourself the large stop loss on small position size, do you ever get the temptation to 'cheat a little', if price goes back, for example 75% into your stop loss?? Not moving your Stop Loss, but hoping you could be catching a reach back, and give yourself a little 'bonus'??
If I didn't have as much time, I'd pretty much be going at it the way newark does.
newark, when you give yourself the large stop loss on small position size, do you ever get the temptation to 'cheat a little', if price goes back, for example 75% into your stop loss?? Not moving your Stop Loss, but hoping you could be catching a reach back, and give yourself a little 'bonus'??
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
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