I just can't seem to get a high win rate with this SLA stuff on the hourly. Feeling very frustrated. It's always easy to see in hindsight, but once I start drawing lines and marking entries, the results aren't that great.
@dbphoenix What are your thoughts on a low win rate (~40%) but reasonably high profit percentage (~70%)?
If I may chip in, in my experience best reward opportunities hide within oversold/overbought conditions. As @Handle123 posted a few days back, study average range of instrument that you are about to trade, that helps to know where potential average reward is. Stops always below/above the current reaction high/low. Average reward has to be at least x3 average risk. Diversification can also be beneficial as it's all a numbers game. Every morning (night time in US) I scan quite a few markets and place a basket of trades (short & long) risking about the same on all trades and obviously target is at least x3 (no excuses). I set the guaranteed SL (slight premium) and target and set alerts to inform me if I got stopped out at a loss/profit. If you stare at a trade a lot of the time when price is stagnating after a brisk move in your predicted direction there is a desire to pull the trigger, so it does help not to monitor constantly your positions.
Do you have any idea what is the "win percentage" of a professional trader? One of the more successful traders I have met in my career, a woman who had a large hedge fund(and wore bunny slippers), had a winning percentage of 45%. And you are just beginning to work with a methodology and you are complaining about 40%? Time to get a real word perspective.
It appears that he is attempting to get a win rate of 80 percent or higher and thus is disappointed with the current results. Not certain if this is a proper perception on my part.