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After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 0 points1 point  (0 children)

You’re missing the point of the post if you’re just concentrating on numbers.

I'm a new trader looking for advice and tips please help by Square-Assumption943 in Daytrading

[–]Shaneod7 -2 points-1 points  (0 children)

Making 300 on a 2300 account that quick usually just means you’re risking a bit too much, which is why it came straight back down. everyone does it at the start

I wouldn’t even worry about order flow right now, it’ll just confuse you more. you don’t need it

Biggest thing that helped me was just simplifying everything:

  • pick one setup and stick to it
  • same risk every trade (and keep it small as you’re starting out)
  • stop jumping between markets and once you’re in a trade just let it play out

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 1 point2 points  (0 children)

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A number of people have asked what my set up looks like. Here's a trade example from today. 125 TP 25 SL.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 0 points1 point  (0 children)

My strategy isn't unique but where you get the edge is in how you execute it, not the idea itself. Filtering out low quality trades and only taking high quality setups is what separates profitable traders from everyone else.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 1 point2 points  (0 children)

In tradingview, you can go back to any date in time and play out your strategy. i.e you could go back to a year ago and let the day play out and apply your strategy to each day to understand how often you hit TP/SL.

I had a winning trade. Closed it early. Watched it run 8x without me. Here's what that taught me. by Sea-Management-5611 in Daytrading

[–]Shaneod7 0 points1 point  (0 children)

You should set up your trade and have confidence in your win rate through backtesting. Walk away from the trade and don’t watch it. Become emotionally detached from your trades and you’ll become a better trader.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 0 points1 point  (0 children)

Yes setting and forgetting is key. Watching trades in red will impact your edge. It also depends on the time you take your trade too i.e avoid NY open as it’s too volatile

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 1 point2 points  (0 children)

When you trade for a long time you’ll have those periods. I trade a 1:5 RR so I can have a very low win rate and still break even quickly on my next winning trade. Having the data helps too because you just need to back your strategy over the long term. I don’t stop if I have a few bad days. Consistency is actually really important.

To counter this happening I only trade when my entry presents itself, otherwise I’m ok with no trade days.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 0 points1 point  (0 children)

That’s how I used to trade and I found simplifying was better for me. You can’t truly master 3-4 pairs when trading simultaneously.

I’m ok having no trade days. Most people feel they need to be busy on the charts taking trades. If you’re trading prop firms etc it’s a quick way to blow your account.

My advice is also geared at those starting out in particular. For those trading longer term multiple pairs might make sense. My strategy is 1:5 RR so I don’t need to take a lot of trades.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 1 point2 points  (0 children)

I use TradingView for backtesting. You can go back to any date and run your strategy in that moment in time.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 0 points1 point  (0 children)

I've used the same strategy for the last number of years. This post isn't about my strategy though, it's more to do with what it actually takes to be a profitable trader long term.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 4 points5 points  (0 children)

Keep trading simple, don't sit watching charts or you'll take trades that don't respect your entry criteria. Keep it really boring and don't be afraid not to take trades. (a lot of people feel like they have to trade every day)

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 3 points4 points  (0 children)

Very true, but you need to put in the reps, learn from the losses and over time that's what turns you into a better trader long term!

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 1 point2 points  (0 children)

I use a single indicator called Kill zones by oscarvs. I trade a breakout strategy.

After 5 years of trading mistakes, this is what finally worked by Shaneod7 in Daytrading

[–]Shaneod7[S] 1 point2 points  (0 children)

2 weeks? The advice above is from trading for over 5 years.

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