I thought that not every system/Strategy works so I changed my approach
NOTE: Will be a long read.
As you can see above my Pnl,
but I am not here to brag.
I am sharing my Point of view which made me profitable.
From starting of my journey, I never had a good winrate and I used to think that winrate is what matters.
What matter in our method is Direction, ability to let winners run, and a solid entry criteria paired with volitality.
I am a 1M TF trader so I determine my direction through price action on 15M TF
here are 3 consicutive BOS so I will look for buys in 1M TF for today.
also have a strict trades per day or ideas per day limit.
if you dont keep it then you may over trade. Idea here is that no one can predict the correct direction. we may be wrong here too so we can protect our capital here.
Ability to let winners run :-
haha, most will struggle here. I'll share how I developed it.
you can try 20 trade exercise by Mark Douglas with real money till you get rid of emotions first. it may take 3 try or 5 or even 10+ do it it works!
Then, do the same exercise again but with a catch. you will take a direction(Bias) and then place trades like ussual but now without a TP and ones you hit 1RR you will trail your SL to Break even. now repeat till your mind stabilizes, close your running trades at the end of 20th trade.
VERY IMPORTANT NOTE( Try to keep your SL as small as possible)
take your own Entry criteria but trade only on 1st hour of London session or NYC session.
VERY IMPORTANT NOTE( again, find out avg 1st Hour moment of your FX pair you trade. for mine its GBPUSD so around 20 pips. so IF I keep a fucking 5 PIP SL then I should expect 4RR or maybe 5RR. but my SL is always 3 pips(get a good broker with 0 spread) so I keep my tp to minimum 6 RR
also Dynamic Take Profit is very important so look from your journal or backtests. you will definitely find a good pattern and figure out your style of trading and your risk appetite
If your ok with losing a trade which is halfway your Tp then fucking increase your RR!
MY Winrate is 20-30% so I am ok with losing trades and breakeven trades.
RR is dynamic. alot of factors in consideration.
Psychology is important too.
I know that a single winner will make up for losses and the profit for a month
so I tend to be very picky with my trades.
I am not a world class trader nor do I call myself one. the main problem that people miss understand is that making more money= more return. ABSOLUTELY FUCKING NOT!!
5% return in 10 Million dollar capital is far more superior then 50% return on 500K
Thats the reason why hedge fund managers and wall street traders are world class traders even when they make around 20% returns in a year!
feel free to ask anything, I'll be happy to assist.
English is not my first language so excuse me and I am writing it myself is better then using AI.
just here because I have some free time.
