if you want to trade 5 min and you want to trade all 'day' and then Brooks is your 'man' but this is no child's play and you have to put in your 'hours' .....or maybe years ..or if you are an idiot like me .....maybe a decade or two
sold usd jpy no stop will scale in 4-5 times if necessary.....since it is top of a broad channel as well as a tighter bull channel,which should behave like a bear flag, it should likely test the bottom of the broad channel. as long as it is not in tight channel,i have found this scaling in works......i trade small so even if it breaks out from the top of channel i can scale in there
when the market is in a range, if you do not put very wide stops, you will get whipsawed and get stopped out numerous times........so better to scale in at opportune times....this does take a bit of judgement .......but it does prevent you from over trading.....in a whipsawing market. trade small and you will make some money,maybe small,but cutting out losses from your statement really makes your P&L look decent
market does expected things 80% of the time.......it is the 20% where it does the absurd things that causes the big losses. my way of saving myself from that is to keep enough ammunition for those time so that you can increase you position by 5-6 times and negate the loss or get out with a minor profit. so 80% of time i trade small.....
he is a ES specialist but he does have forex course. forex may have some eccentricities but the basic market action is similar. because it is open 24 hours of the day the movements are for some of the time, what traders like to refer to as 'dead'. so there is a lot of basing which results eventually in sharp movements the timing of which may be reasonably technically predicted I trade it because to trade ES futures you need a min of 20000 usd whereas in forex 1000 usd is quite large
stopped out and I closed the rest for + 2 pips expecting some more basing at highs which if happens may eventually result in a sharp move down.....maybe in 3-5 hours.
So he trades Emini ES but does not trade Forex currencies while offering a course on Forex currencies. With that said, not sure what you meant by the "basic market action is similar"...they are not but you're still learning and will eventually figure that out one day. The reason why they are not the same is due to the market context involving country. There's an old message post over at ForexFactory.com by someone that showed huge differences in the backtest results of certain futures versus forex currencies via the same strategy. The difference was big enough that in any given month...one would result in losses while the other resulted in profits. You can backtest it yourself to understand it. In addition, the resources used for each is often very different too in comparison to each other. Reason why traders that trade both in the same trading day (e.g. Emini ES futures & Forex UsdCad) will be doing 2x their normal work load and sometimes using different trading platforms. Also, most futures accounts can be open with less than 20k. Thus, I think you meant to say stocks PDT rule to trade in an out multiple times during the same trading day for stock trading requires a minimum of 20k. wrbtrader