feel free. to post in my thread Been trying to find an 'edge' for a very long time. Currently going through a good patch https://www.elitetrader.com/et/threads/ta-forward-testing-sample-size.332501/#post-4863990
humbletrader2016, Thanks for response. I like your work ethic and ambitions. For the past few months, I have noticed that after market can have good trade setups as well at night. I have Question for you please, something I struggle with: You take many trades per day, is there a profit limit you aim to reach and stop trading, or do you take all setups and ignore your PnL? There are times, like today, where I think "well, my PnL is $250, I better not take that next trade, I may lose it" What are thoughts on this as day trader?
you ask for self taught traders but you are not willing to teach yourself....I have taught myself and I am not qualified to give advice but I can give you my personal experience of what works and what does not. I read books and lost money for 12 years....6 months earlier I cleaned my charts and my mind of all the rubbish and just traded. what experts say-this is what I learnt from the 100s of books I read- is to enter and put a stop....why put a stop...because half the signals will fail but if you keep risk reward at 2, you will still make money, even if you lose half the trades. wonderful.....you still have to make a good entry but they do not say that...only trade the signals put a stop and you will make money and you will be a trader. true. you will be a good trader but not a great one. but not one of those experts in those 100s of books said why do we not filter out the wrong signal and take only those which will not fail? why do we not try to do that? then we will have zero risk and all reward...why do we not get greedy?. in 6 months I traded and traded and learnt many things including how to filter these bad signals …. I lost 22000 usd trading with capital sometimes as low as 5 usd and as high as 11500 usd…. 11500 usd I lost in 2 trading days which in forex is 48 hours... YES i SACRIFIED that money to learn to become a great trader. will the same work for you? that is up to you to decide
Couldn't you just look at the stats of your trading performance to determine your trading results after you've reached that $250 threshold ??? For example, pretend your stats show that whenever you've reached $250 profits in your PnL...there's a 79% probability you'll lose that profit if you continue trading the rest of the trading day. Would you ignore that next trade signal (call it quits for the day) or will you roll the dice and take that next trade ? food for thought wrbtrader
this is because in the last ten years the number of people trading has gone up phenomenally. eurusd in 2007 was dead in the Asian session did not get active till London....I started trading forex in 2007....but today Asian session is only a little less active than London and the rest
you did not ask me this question but here is some food for thought: the probability does not change whether it is first set up or the 100th. that is pure theoretical probability. however in market the probability of a set up reduces with each set up because a set up will work in a trading range or in a trend....but may be , not in both... if it is set up, designed to work, in both, then go ahead and trade. if the set up does not work for both these market conditions then the more times it works and gives you money the probability of it working will reduce because the probability of the market conditions changing increases. you can assess the market and see if it is likely that market conditions are likely to change if you are so inclined and use your personal knowledge and experience to decide. this is not advice but is my personal experience....in my dreams... because I have never used set ups to trade with.... in my life
good I did not do it for anyone else but then why are you commenting on it?what are you fearful off?why not just ignore
Because you are spamming the same shit again and again everyday and in all threats. Stop spamming and made some useful comments.