1st. Don't lose any money. If unavoidable, try losing minimum money. 2nd. Make maximum profit. If unattainable, try making however small profit. 3rd. Know exactly when to reverse. If impracticable, try doing that as close as possible. 4th. Make no any mistakes. If impossible, try making minimum mistakes.
ammo: that too for all of you who only picked my "15min" part of the post... I was giving an example. I too look at the market on a broader term before plunging into my working timeframe. however, price movement is (with slight differences) similar on all timeframes. what you need to get a feel for is how price moves OR better yet, how crowd's thoughts are changing. the dynamics of thought reflected in price. you'll learn this foreign language called the market by doing the exercise i proposed.
in a way, succesfull daytrading is SIMPLE because it really only needs price action (S/R levels for me are part of price action), volume and that's it COMPLICATED because you need to understand what is price and you need to understand all it's subtleties. Just like you can recognize a texas dialect / accent, that's the way you need to listen to price and really make out what it's saying, not what it appears to be saying Hell, today I wouldn't trust any indicator in the world BECAUSE it can't pick up those subtleties... Comprende?!
And trust me... when you understand the market you'll also understand that the bullshit risk:reward ratio rules are not applicable under all circumstances. there are trades that can't possibly yield you more than a 1:1 and there are trades where you can get even more that 1:10. Of course trend trades are exactly the ones with the poorest risk:rewards... Why? Because the market trades in a trend about 20% of the time. This means that price is actually going back and forth testing S/R levels. Reversals are the ones giving to opportunity to make a killing. On reversal trades you can scale into your positions and so on.... It's too bad it takes screen time to understand these basics... First you need to corner the market, then corner your profitability, and in the end make a living. there is no other way around it. stop talking about risk:reward and money management and discipline if you don't have the screen time in order to gauge winners more than 60% of the time.... you're nowhere near
this i think important trading rule , i'm tawan english degree low to advise 1 agreesive myself at the very start only make light trading position 2 in right time to raise the quota 3 in bad time decline position , object is control lose and large lose posibility 4 understand myself , set object daily trader and trend trader in to raise the quota timing have large differnce , this a think problem? 1 but when trend decision? 2 when market speed fell decision ?? 3 when market to advance to stop from??