I have created my own trading community and ultimately want to start my own proprietary trading firm. I was a buy and Hold investor not long after I turned 18 and finally had enough capital to get started investing. Fast forward to after the Covid crash I started day trading Option Contracts, I did have some great beginner’s luck turning $500 into $4,500 after my first month, luckily withdrew 3k of it, turned the 1.5k into 10k during a week the FED started buying assets which led me to lose it all in the weeks after that. Once I had that taste of what the markets hold for opportunities, I just had to devote my time to learning/figuring out where the “bigger” guys are making their money. I got started down the road of prediction technical analysis which worked very well for me but honestly was not the path for me. Fast forward to January of this year (2021) the OTC market bubble had emerged which gave me the opportunity to turn $2,000 into $93,000 (give or take some change) in just under a month and a half so I withdrew 80k of that. I came across some personal problems so I left the rest in on essentially gambles “Buy and Hold” of some OTC stocks. During my absence from the markets during me trying to situate my personal problems, I found your books and instantly got hit that “Trend Following” is where I belong. I did swing trade options with the prediction TA having the same mindset of letting our winners run and cutting our losses quick which helped me drastically making this transition into “Trend Following.” I started futures trading when I came back from my break just in time to catch some trends in Soybeans, wheat, and corn netting close to 250% overall portfolio gain on the month which I honestly think came from me over leveraging during the trends. If you are still with me I am going somewhere with this my question finally: I have coded a simple strategy which I use on the hourly time frame and 4 hour time frame but I am having trouble with my Stop Loss, currently I will just go and check in daily to adjust my stops accordingly ~if necessary~ but I have heard a lot of your podcasts where some of the traders use Average True Range which I have tried to mess around with but I am not entirely sure on how I am able to code that out into a stop loss order. I do have a daily and weekly system as well but not as active which is foreseen to happen. Thank you for your time and I truly appreciate all the material and wisdom you have put out and continue to put out, I found your podcast a month and a half ago already on episode 465 just wanting more!
Thanks for the nice feedback, but trend following is not hourly bars. I would walk away from that.