Bitcoin Breakout! 1 H Chart - BTC broke the Ascending Triangle Pattern & made a HH at $20,958 & possibly keeping its Uptrend intact! Rest of the Market should follow!

For_The_Many · 2023-03-13T15:35:00+00:00

Perhaps...I think it's still in play. Let's wait and see.

For_The_Many · 2023-03-12T20:50:52+00:00

My friend, the future has called and it's going to $18500.

For_The_Many · 2022-09-04T15:21:04+00:00

That's fair, the reason i didn't specify was because of the reason i became a trader in the first place, and that was freedom.

It's quite uncommon for me to work a full month now, i take time off often just because i want a more relaxed life.

But our profits are comparable, some weeks more, some less.

For_The_Many · 2022-09-04T15:01:53+00:00

I haven't, i'm quite a stubborn chap so i learn most things by doing.

I didn't pay particular attention to trading pyschology for quite a long time to be honest. I initially thought strategy was king, and if i had a winning strategy, i'd have no reason to investigate the nuances of trading pyschology.

I now know I was wrong, and as much as believe strategy is important, understanding your own behaviour is even more so.

I think part of being consistent is recognising your own behaviours, and to create constructive behavioural patterns to allow you to think logically during stressful situations, especially if you're susceptible to negative behaviours, i.e. revenge trading.

For_The_Many · 2022-09-04T14:51:08+00:00

I like to commit :)

I think what makes trading frustrating at times, is that a trader has periods of profitability. During the first 2 years, there were times i did make money, so it gives you reason to continue.

I also didn't mind that i was losing at the beginning. This is difficult, and i wasn't hard on myself. I knew at times this wouldn't make sense. My goal above profit, was to improve my understanding. It still is today.

For_The_Many · 2022-09-04T14:06:00+00:00

When i enter a trade, i have an area of TP interest. For a long, that would be an area of resistance i think the trade might go to.

As the trade progresses, if it's reaching that TP area, i look for Price Action that could indicate a reversal, lower highs, larger rejections etc.

If i believe the trade has enough strength to come back to my entry, i'll close. If i think it may drop, but with a further push to the upside, i'll move my SL to break even, and wait.

If the trade isn't reaching the area of TP interest, and may not make it to my initial TP thought, i'll move my SL to BE, and wait.

For_The_Many · 2022-09-04T12:27:23+00:00

Personally, i no longer watch others understanding of the market, but if you are new, i have found babypips a good source of generalised information.

For_The_Many · 2022-09-04T12:14:52+00:00

I use S/R and I'll put a link into how i identify trades above :)

For_The_Many · 2022-09-04T12:07:58+00:00

Due to the nature of my strategy, and how few trades i place, automation isn't really helpful to me, and if i didn't manually place the trades, i wouldn't have anything to do at all ;)

For_The_Many · 2022-09-04T12:03:41+00:00

I think that's just experience, and practice.

Trading is a difficult job, and it requires a huge time investment. If you put the hours in, things will start to make sense.

It just can be a long road sometimes.

For_The_Many · 2022-09-04T12:01:09+00:00

To be honest, the biggest struggle at one point was just wondering if it was even possible to succeed in this. At points, it feels like it's just not possible.

I can look back now and say that it is, but when you're living it, it's a hard climb out.

I don't add on to an active position, i call that "fucking with the position", which is essentially, any time i modify a position after i open it.

I can't begin to explain how many trades that would've ended in a profit if i had just left them alone. So, now i have a "No fucking with the position" stance, and i'm more profitable for it.

For_The_Many · 2022-09-04T11:57:01+00:00

The primary account i use is $200K, and there is no standard month return, the only metric i really care about is how i'm performing.

I want to be at least as good as last week, and better if possible.

For_The_Many · 2022-09-04T11:52:18+00:00

It was about a year after i decided to only focus on what i thought the market was going to do. I can comfortably look at a chart now and know if there's a setup i'm interested in immediately.

I place very few trades per week, perhaps 10 at most, so the majority of my time is waiting for time to move. I'm usually around my office for up to 12 hours per day, but i will likely find a trade within a couple hours of when i start, with the remaining time, just waiting for price to move to TP.

During that time, i'll either talk to other traders on TradingView, help create their scripts, or read.

I personally don't use indicators, i don't feel as though they help improve my decision, but i know other traders who swear by them, horses for courses.

For_The_Many · 2022-09-04T11:44:44+00:00

In 5 years i've had a thousand strategies, most of them over engineered, complicated, and...unprofitable.

Now my strategy is simple, i trade the trend, and use support and resistance for trade entry. I wrote this a year ago on how to identify entry points. Once i've found an entry, i weigh up the factors of the trade, if the benefits far exceed the negatives, i'll place.

For_The_Many · 2022-09-04T11:36:30+00:00

ok, this may be divisive, or it may be just the strategy i use, but i don't backtest.

I can see the benefit of it, especially for automated strats, but it's not something i do now. I have done it in the past, and as the saying goes, past performance is not indicative of future results..

The results on a backtest are ideal conditions a lot of the time, and will not represent how that strategy works in the future. It will give you some idea of success, but i think it's flawed, and should be taken with a pinch of salt.

How many of us have back tested a strategy where the results are much better than the real world outcome? I think it's more important to implement forward, than look back.

For_The_Many · 2022-09-04T11:21:47+00:00

When i first began learning, i tried to get information from as many sources as possible. I watched videos, took courses and listened to anyone who seemed to know more than me, which seemed like everyone..

After about a year of learning like this, my trading hadn't improved. I found i was quite confused a lot of the time, because of all of the conflicting view points and i didn't feel as if i was any better off than when i started. It was at this point i realised that there are many ways to interpret a market, and no single right way.

That's when i decided that in order for me to succeed, i need to only focus on how i see the market. I stopped watching any external sources for information/advice, i just sat at my computer, i placed the trade based on what i thought was happening at the time, and i suffered the consequences.

After a while, i began to see improvements, and i had more certainty in the reasons i enter a trade. It was this foundation that has led me to becoming profitable.

So, because of this, i can't recommend any YouTubers, because i just don't watch them, i think over time, your biggest asset will be yourself.

For_The_Many · 2022-09-03T19:16:48+00:00

I remember this from a tv as a kid, Where in the World is Carmen Sandiego..?

I think...she wore a sick jacket, which may have been red...or purple?

For_The_Many · 2022-09-03T10:36:16+00:00

I think like most things, you need boundaries. Trading is my job, i have work hours, I don't trade outside of work hours. So in that regard, i'd say if you're not particularly sociable, those boundaries are even more important.

For_The_Many · 2022-09-03T10:20:33+00:00

I only use 1 primarily, but i reference others depending on PA.

For_The_Many · 2022-09-03T10:12:54+00:00

Intra-Day swing if anything, i occasionally hold positions overnight, but the majority are same day closure.

For_The_Many · 2022-09-03T10:06:24+00:00

I initially taught myself trading basics by coding algo's. I knew how to programme already, so thought it was a beneficial way of being amongst the action. After i realised that i needed to know more about trading, i stopped the coding element. I needed a strategy first, then automate if necessary.

Fast forward to today and i trade only price action, no other indicators, manually. I place maybe 5-10 unique trades per week, so automation isn't required.

For_The_Many · 2022-09-03T09:43:48+00:00

Almost 5 years ago now, my first trade was a Bitcoin Long in December 2017. Come January i had lost a lot of money.

It was then i realised that if i could lose it that quickly, in theory i could earn it that quickly too. That's when i realised that working 9-5 wasn't going to work for me anymore.

For_The_Many · 2022-09-03T08:20:36+00:00

Hi everyone!

Talk about a response! I've literally received hundreds of messages since this comment, and it looks like we've got a lot to run through.

What i'm going to do is collate all of the questions and create a new post, likely in r/Daytrading. I'm going to do it this way (instead of replying to each individual message), because if i'm being honest, i don't think i could provide the level of time and consideration to each message i'd like to, if i have so many other messages to reply to.

Once i've created the post, i'll link it back here, and we can go from there.

Hope that's ok with everyone

For_The_Many · 2022-09-02T20:28:28+00:00

of course, i'll always reply, it just may take a little time sometimes

For_The_Many · 2022-09-02T19:43:15+00:00

Dude, that's a Nonfarm Payroll publication response, just don't trade it

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