Turveyd, Now you are trading scared money, which is bad anyway. But much worse news is what you call ‘The method’ is not trading strategy and even not draft version. It’s more like idea how to view price action using several filters. 10% of job is done, 90% awaiting. Why do I know it? Because I was there years ago. My friendly advice is stop wasting time and money and find the job which will allow you have time for research. Now you bored during holidays because you think that you can grow as trader only on live market. My opinion – you are on the wrong path. How to turn to the right path? Ok, firstly stop trading scared money and get the job. It is not the end of life and not the end of trading career. It can be end of gambler’s period. You tried to crack the market with simple filters and hope that screen time will convert you into profitable. It does not work this way. Do lots of research instead. Useful weekends instead of bored! You are looking to directional trading and it’s good. So you have to deal with chop. You should prove for yourself that trading chop and trading direction with same setup is not possible. You have to develop, test and use filters that will show you when not to trade. I posted here the link to possible anti-chop solution you can start from there if you want. These filters are signals of potential chop. You have to understand that you will not ‘regularly missing good trades’ because of chop filters. Such thing like ‘good trades’, ‘money left on the table’ do not exist! You have to avoid price action which is not favors directional trading. Do the exercise. Take potential chop filters that make sense to you. Ditch all price action which is potential chop. Explore the remainder and look how your method is performing. Check how much of price action is filtered. If 90% it’s ok. 80% means you are either very good or do some mistake like curve-fitting or so. 70% or less means you are either genius or again do some mistake. Just do this exercise in time of your boring days. Just friendly advice. Do not give up. But also do not knock the brick wall with your head. The wall is harder.
I find it's best to ignore price action, learning that took time. Also chop is too random and fleeting too 5years+ to learn that mistake. Just took +44pts on US30/YM jumping on the direction of the 11ema on the breakout from the 20 0.05% range, easy. My issue has been Live I SUCK, incapable of taking the obvious trade, I only take trades off big pull backs and they generally change direction, trust issues. But cracking that and powering through, FINALLY I'd say more like 90% there, need to put more time / focus on trading. Not bumming me out, date at 6pm with this really hot small bird with big tits I've been chasing on and off for literally 28years, been making dates for 2years, keeps getting scared and backing off, another 5years and cracked easy!! LOL
p.s. getting a new well paid job aged 49 is tricky, not really an option. Only need approx $1000 per month, back to $10 soon, so +100pts per month, not a big ask, I'm +60pts today, 2 trades no losers.
If you are so humble that 1000 bucks monthly is enough, trading intraday is very strange choice. UK is not Africa and 1000 usd is very low... and maybe much simpler to learn some skill for freelance job. Web design, photoshop, etc. Much less effort and stress. Anyway your life your choice. As for 'easy 100 point per month' let me disagree but time will show.
Just Points, not %%% of account, calm yourself!! Then I made back +30 joining the downtrend, could of been more so all good
GF good job, got no debt, don't need much, programmer so do freelance dev work to cover my costs so don't need a job as such, all if good if I can find more freelance work soon I'll add. Intraday is fine, what I've been training to do for years. Have got to quit on US30 mind, okay for fun at $1 on days like today, but too rich for my blood when back fully in.
Nothing to change really, back to without the Env 20sma 0.05 too messy. Dumping US30, stick to DAX and YM, 20pt spike through SL I can take, but 50 on YM = PAIN!! Directional following and entry pretty much sorted, still tad wussy on entries so missing a lot of trades, but work on that, or be happy ofcourse. Work next week then full speed ahead on trading.