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Hi Michael,
My two biggest challenges are (1) Discipline, either over trading or incorrect position size/too much risk (2) Knowing when to let winners run.
Thank you for the password to the first video, about to watch now.
Kind regards,
Kunj
What is your strategy and time frame now?
My strategy is:
- Hourly chart – identify support and resistance
- M15 chart – identify a break of a big (wavey) trendline, usually across 24 hours
- If it’s a downtrend line: Look for a breakout where the high is higher than the last high in the down trendline and the start point low and pullback are both above support
- Look for another “A” low – high – low pullback where: the lows have to be higher than the initial breakout above
- Ideally, the pullback is 62% to 100% (i.e. double bottom, slight tweak if pb is <62%) on M5 chart
- M1 chart waiting for a specific entry above a moving average before entering low, however, there are a few additional checks at M1 level before entry
- For shorts, same but reversed, indicators used are a mix of 3 moving averages and checking across High to low time frames additionally horizontal “pivot” lines also help to determine market direction up or down bias
- Risk: 0.01% of capital, expected exit price x3 risk or more
- 3 trades a day max
I’ve read the basics of the Turtles Trading rules and I can see overlap or confluence of rules which may be a more swing style/let winners run approach.
I have just passed a test and received a live trading account with [name] using this strategy – it’s my ill-discipline of either trying to put on too many scratch trades and or wrong size because I’m chasing PnL rather than looking for ideal setups. I enjoyed the video I watched as there was a lot of truth and resonance and it literally feels like last week I started to turn a corner, there’s been a lot of personal upheaval in the last 18 months and I am going through several changes, which I appreciate is affecting mindset and so trading. Not making excuses, I am accountable only to myself but being transparent with you in light of the reasons asked.
I would stop all of this. It’s not valid. It’s not trend following.
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