You just might, don't mock.. I really have to explain this? This is why my Sharpe Ratio is so high. Because I don't use stops.
sorry but I want to make money...... not make a reputation of how smart I am. get in later but you can use bigger positions and since everybody is doing that, you get the biggest movement. even when you predict it correctly, no one else will be with you, and you have to sit and wait for ever, for it to move your way. everybody knows where the market is going and that is why it eventually does what is expected but no one wants to commit valuable resources and wait for returns. if the majority of market is not bothering to predict, you have to wonder why you are.
Thanks padutrader for the response. I am happy to read trading is getting easier for you and you are relying on context to enter AND exit trades. Very good to hear. I also enter trades with the intent of trailing the winner and adjusting the stop as price moves in my favor, and exit based on context.
Hello DevBru, Thanks for responding. I am currently Not a consistent profitable day trader. I am still learning, planning, developing, and testing my strategy(s). I only like trading one timeframe. I do not like looking at multiple timeframes as it when I tried that, it lead to confusion. I like to focus on one timeframe.
But why did you select the 3 minute? What is the strategy you are currently testing is doing much better on for example the 5 minute time frame? You are limiting the potential of your system. Developing a trading strategy is difficult but limiting yourself to only one (and an odd one) time frame makes it 1000 times more difficult.
It's impossible to get accurate calculations on such a small time frame. Not saying it can't be done, just not likely to happen..
Hello DevBru, Thanks for response. Timeframe a trader chooses to trade on should not matter. It's all the same. 3 min, 5 min, 2 min, 6 min, 8 min. Does not matter. I rather stick to what I have Yes, I agree, it would not hurt to check the strategy on 5 minute chart, but I choose not to. Technically, a strategy should work on anytime frame. Does not matter.