I Have No Trading Strategy, Where Do I Start!? 🤔
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- Опубліковано 18 вер 2024
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I have no strategy, where do I start? Do you need a strategy for trading? How do I find my trading strategy? How can I develop/design my own trading strategy? How do you come up with a trading strategy? This is a common problem for traders. Just pick up something simple like a mean reversion or breakout strategy - a basic structure and start! As you continue you will gain valuable experience and you will start tweaking things and find what works better for you. The market can't harm you if you stick to sensible management risk rules. How do you create your own trading strategy? OK.
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After several years of making all the mistakes in the book, I ended up settling with the following trade plan:
1) One pair only
2) 3 hours a day only (NY opening + 3 hours)
3) ONE trade per day only - 100% rule based.
4) Once done (incl TP/SL) I SHUT DOWN my computer until the next day
5) risk 2% with 2R/BE at 1R management
6) I only look at my P+L ONCE - at the last trading day of the month.
I average 45% win rate and make 70% on average every 100 trades.
(about 15% a month).
No psychology involved except for pulling the trigger = stress free trading.....
Passed 3 $100k FTMO challenges in a row without a sweat so 15% is now an avg $45,000/month...
PS: I DO journal/analyze my trades at a mad, mad level....I have data on EVERYTHING.
(actually I spend 10 times more on that then the trading itself)
That gives me the confidence to pull the trigger always, and let things play out.
Might not be for everyone, but for me it was the only way to profitability while I research other things.
You mean only one pair daily or you work with only one pair at all? eur/usd?
congratulations on keeping a disciplined approach and enjoying success as a result!
what is 2R/BE mean? 1R?? what pairs do you trade/recommend?
@@marketminimalist enter from d1 or even w1,you will be much more discplined this way
Damn you're a legend in my book
what an opportune time for this video. I "started" my journey as a trader 2 months ago, but I'm still making my way through articles and videos (even going through all the babypips courses). I've learned a ton to be sure, but without application the knowledge won't have nearly as much value. thanks
Wow! Thanks much for this.
I needed this now!
I'm so confused and am tired of switching from one strategy to another...
This really helps...
Thanks again 🤘🤘
When it comes to the world of investing, most people don't know where to start. Fortunately, great us investors of the past and present can provide us with guidance
This is the best advice traders can get anywhere. Thank you. finding a strategy begins with a simple idea like previous day's HL, and the next phase is to improve it step by step which depends how much one can observe and study charts.
and a question for dear Mark, considering stochastic behavior of markets rising in last years how long would we be able to build new consistent strategies?
Thank you again.
Priceless information, thank you so much, sir!
Backtest a strategy. Do the math - is it profitable? Then run the strategy until you can follow the damned rules. When you can demonstrate to yourself that you can execute the strategy, then you can start to optimise it. You can’t outsmart the market. Your edge can’t be experience until you have earned it. So just commit to being a soldier, a damned good soldier, and maybe one day you’ll become a general.
Love trading even tho I’ve lost so fucking much since I started.
Thank you Mark.
Thank you kindly ✍️
What is your opinion on using very tight profit take and stop loss stop range orders i.e. you use big size and have a stop loss at: average cost -$0.05 and profit take at average cost +$0.10
Have a limit buy as an entry that triggers the very tight stop range ?!
Do you know of anyone who has perfected scalping with such small price moves but using huge size?!
Well, i'm still not sure if the KAMA is useful, i use it as a reminder. most of the time, making errors comes from the way we look at charts and missing some point. There are a few key elements to keep in mind... so beside, is the stochastic rsi useful...? for every indicator you can find a usage. I mean, how to combine Stochastic rsi and... Stochastics ? or Rsi. Why such a thing as stochastic rsi even exist ?
I started back as as a schoolboy looking in the newspaper picking a stock that was trending went to the bank bought it and just let it run until it stopped trending. Simple and works.
Charts didn't really helped me with data from newspaper. But I started to diversify. Later I got a computer I had this app that gave me tick data. I could pick charts and it showed me the numbers. You see how the numbers go up and down like tide of the see. Very similar. When you at the sea waves are coming and going but you can guess if the sea is moving in or going away from how they push an roll back again.
Went to library read books they had there and could make more sense of it. Learned what trading ranges are and to stay out of them.
Then I got my computer and candlesticks which are forming again like sea tide and how it pushes up and down often tells where they go. Still buckets, still trends, still long term.
Finally I understood Wyckoff enough to actually distinguish accumulation and distribution. And learned where the danger points for entry are. Thats when I started trading and started to build a real strategy. And then I started to add filters and have probabilities but ultimately its still looking at how the candles wave up and down, volume which I translate as power, candle by candle move by move have.
Strategy: look the chart, wait until I think I understand what is happening and then go in at a danger point with a stop outside the range. Sure with some filters but only assisting. Ultimately: chart, candles, volume, swings. And go in when I think I understand the game: Go with the tide: you cant fight the sea when its coming. Same with charts. Go with the tide. Thats my strategy. (Well a chart is not the sea but it moves in similar waves. The small ones give an idea of the big ones just the way the small waves at sea reveal if it is coming or going and if it is going be wild and stormy or calm ). All the orders create small waves which together form bigger ones and those again even bigger ones. And the other way round the small ones run on the big waves.
💎
Haha, 3.50 minutes of cars. Just joking.
Good video. Yes, its not just about indicators. It is timeframe, session time, pairs, what your comfortable with. All part of strategy and longevity.
Thank you ✌
Buy EUA.....then you'll see it all😂
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