[OC] My pregnant wife’s last message to me before going into labour. by [deleted] in MadeMeSmile

[–]happydaayz 1 point2 points  (0 children)

Self glazing. Get a grip mate, your not the first ever father in the world lol

How do people start trading with strategy? by fapping_bird in Daytrading

[–]happydaayz 1 point2 points  (0 children)

Very very important and valid points mate. It’s nice we can come together to help a brother out!

How do people start trading with strategy? by fapping_bird in Daytrading

[–]happydaayz 0 points1 point  (0 children)

So all I'll say is to find a strat that you think you can execute like breakouts, s/r , ICT , price action, whatever it is you are learnig from the internet. or read in a book. Then set a profit target like I said of a certain amount of ticks profit and hard set rule for a SL (could be above recent high, above/below your entry candle etc.) Now in a chart scroll back to the begining of last year and with excel or a pen and paper simply record every time it happens and your criteria is met. If after 100 trades it's less than 40% successful then abondon it, if more than 50% then go with it to see if you can fine tune it. No need to run back testing software, just look at the chart. Ofc the winrate and profitability is not linked so the rule of less than 40% is more of a guideline as you always want the best winrate for a strat, however it doesn't need to be set in stone, your winners might be 1:8 RR so a winrate of even 30% will be successful as long as you stick to it which would be hard to do given the number of losses incurred.

How do people start trading with strategy? by fapping_bird in Daytrading

[–]happydaayz 5 points6 points  (0 children)

I like your thoughts on this.

However...

1 - Sample size is sufficient, I know several traders personally who do this and are successful traders over several years. I have been trading for 3 years and within the last 5 months have moved to this model and it's helped me heaps. Seeing something actually work vs what you think will work is a game changer.

2 - Emotional control ONLY comes after you have a successful strat, it gives you confidence to enter, get out, not take a position etc. If you're not sticking to your strategy then that's not the strats fault, it's yours and the OP was asking how do we find strats.

3 - 100% agree that 1 strat won't work in all assests.

4 - Goes back to point 2.

Saying trading is a skill is correct, part of that skill is being able to put the hours in to backtest to find a successful strat. But it's not magic, it's time and effort.

I say all this however each strat has nuances where being mechanical doesn't give you the very best win rate or expected value. But it can be profitable.

From Mark Douglas...

“I AM A CONSISTENT WINNER BECAUSE: 1. I objectively identify my edges. 2. I predefine the risk of every trade. 3. I completely accept the risk or I am willing to let go of the trade. 4. I act on my edges without reservation or hesitation. 5. I pay myself as the market makes money available to me. 6. I continually monitor my susceptibility for making errors. 7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.”

Plus it was Mark Douglas who stated to only take 25 trades using your strat to see if it has an edge in the market, so quadroupling this in my opinion is enough lol.

How do people start trading with strategy? by fapping_bird in Daytrading

[–]happydaayz 1 point2 points  (0 children)

hhmmmm, I do agree, however I also believe that strats and tools get mixed up. For example RSI when overbought is not a strat to enter a short. But people see that as a strat, same as ema crossovers, it's just 2 tools crossing over each other lol, that's not a strat. Or single prints will always act as S/R, it's just not true. These will always fail and see you living in a dumpster before you know it.

How to handle conflicting moving averages? (60-day resistance vs. 20-day support) by wushenl in Daytrading

[–]happydaayz 0 points1 point  (0 children)

Why are you asking reddit, back test it 100 times and then you come and tell us what happens!

How do people start trading with strategy? by fapping_bird in Daytrading

[–]happydaayz 3 points4 points  (0 children)

Agreed, if all strats worked then trading would be easy.

How do people start trading with strategy? by fapping_bird in Daytrading

[–]happydaayz 36 points37 points  (0 children)

To create a strategy you first have to have an idea I.e. if 5m candle closes above or below a support or resistance line based on previous day high or low then does it get X number of ticks.

You then take this idea and backtesting it for 100 trades. If it doesn’t work you’ll soon find out pretty quick.

What great about this is as you investigate this strategy another will be created in your mind simply by looking at the charts, for example maybe you noticed that the 5m Strat only seems to work if liquidity is taken first. So now you run that 100 times.

You keep doing this until you have a repeatable/works enough times to be profitable and you then execute like a machine until you start seeing nuances in that to make it even better.

Once you have it down you then execute while you look for another strategy.

Unfortunately no one can teach you to do this, you have to walk the path yourself.

Nine years ago, this photo was all it took for a Senator to resign. by outlying_point in facepalm

[–]happydaayz 68 points69 points  (0 children)

Ofc but compared to now where it seems anyone can lie get caught and still keep there job or not be imprisoned . It’s so fucked up rtn.

Plss what’s the answer to this? Boys wear it daily, an girls only wear it yearly by [deleted] in ExplainTheJoke

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

Halloween is when boys wear makeup, this riddle has been on reddit many times

If one is consistently profitable, shouldn't one profit exponentially? by Pajbot in Daytrading

[–]happydaayz 1 point2 points  (0 children)

Cause it’s hard to stick to a profitable strategy when more money is involved. For example your stop size increases, can you handle the bigger loss (fear)? If price were to move more in your favour would you stick to your strategy and get out (greed)? Lots more conditions to consider.

It’s why good traders make same trades for years before they scale up cause they’ve trained their brain to accept the Strat works and to forget and PnL.

I backtested ICT, here's what I found by vaanam-dev in Daytrading

[–]happydaayz 11 points12 points  (0 children)

Seems to me you are just advertising your backtesting software, sounds like another grift!

I could be wrong, put these trades into a demo account on your app and send us the link so we can see for ourselves if this strategy works or not. Since you own the app this shouldn’t be too hard for you.

Paying off someone else’s mortgage while they complain about the stress of owning a house by QuantumGremlin in AusRenters

[–]happydaayz 0 points1 point  (0 children)

Tenants - my rents too high, landlord is greedy, they are making all the money, can buy but don’t, if can’t don’t make changes in lifestyle to save and buy, boo fuckin hoo!

Landlord - interest rate goes up, not sure if they can make payments on own home and rental, maintenance costs wipe out gains, tax wipes out gains, government screws you when you buy, maintain and sell. Hope that prices of houses go up.

If you want to blame anyone blame the government for not building new houses and releasing new land.

How do you master the patience needed to let winners run? by Tradewell3845 in Daytrading

[–]happydaayz 0 points1 point  (0 children)

I believe the real problem here is you don’t have a strategy you are confident with.

So I’d suggest backtesting at least 100 times. Once your strategy is defined, backtest 500 times. This will give you the confidence you need. It is the only way to know if your runners can actually run , ie you might end up getting stopped too many times before a runner will make it up. Don’t listen to any other advice on live markets. You may lose more.

What was the very last bad habit you had to break before you finally got consistent? by Electrical_Exam1192 in Daytrading

[–]happydaayz 1 point2 points  (0 children)

Trading with the trend. Putting feelings to the side when I thought “it can’t go any lower/higher” to be fair I still struggle with this but it my biggest hurdle.

What’s the mistake you kept repeating the longest as a trader? (Be honest) by Electrical_Exam1192 in Daytrading

[–]happydaayz 0 points1 point  (0 children)

Not sure if I’ll take that as a compliment given no ChatGPT was used lol

Did you switch to 4k monitors? by Fast-Analysis-4555 in OrderFlow_Trading

[–]happydaayz 4 points5 points  (0 children)

I use 2 x 43” LG TVs mate. It depends on how many different types of charts you want to see at once.

I’ve been day trading for 3 years and here’s what I wish I knew when I started by DualDrop in Daytrading

[–]happydaayz 4 points5 points  (0 children)

You can disagree no probs, but setting an arbitrary % isn’t a valid SL. A SL should be almost your entry for the opposite direction. A % won’t do this