Trading without indicators
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Just a wee update, In 6 to 8 weeks time I will stop the daily business and only trade for a living (great news for me), no more up at 3am 7 days a week!
Is it a risk? yes of course is is but its a calculated one, it means I can focus more on just trading and also have a life!
Hoping to just trade a couple of hours a day and make enough to take the rest of the week off if I want to.
Amazing! really happy
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😀 Great News! That’s what we like to hear Shug!
You’ll probably trade even better as you won’t be tired and thinking of problems with the Daily Business!
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Good morning all!
Retirement feels great
Still scalping and setting limit orders for higher time frames, doing good.
Finding time to get the house done up and gardening jobs done and got more time for walking the dog!
Not a millionaire yet but trading is consistent enough to be content.
Just thought I would post a wee update for anyone who might be interested.
I decided not to do a course on trading and just trade instead, what is the old saying? those who can…do, those who can’t…. teach, I didn’t want to fall into that category.
I’ll attach my account value at this time (not as much as i’d like but slowly growing).
I’m not on 100s of trades a day anymore, no sense jumping from 1 job into another, Ill just plod on with it and see where it takes me.
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If anyone is interested in setting there charts up with the same indicators i have on above charts then just ask, its simple to do its just modified MA’s and modified RSI’s
Probably useful to beginner traders, it should keep them in the right direction 80% of the time at least if used on higher time frames.
Also might make it easier to hold positions longer.
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How can I Guarantee making money whether the market goes up or down?
Answer: by taking multiple trades in both directions (hedging) at the same time, this will stop your margin requirements from being obliterated.
If I have no idea what direction the market will go how can I possibly predict it?
Answer: I don’t.
How can I trade without taking any losses at all?
Answer: By managing my position size on all trades according to draw down.
Markets can and will move further than anticipated, goes up and down, it can crash, the big money is mostly the bulls because they don’t want markets to fail. There will always be mixed opinions in the market so it will always move, it won’t stand still. There will be trends and consolidations because that’s the way it has worked since the beginning.
Opinions and beliefs are 2 separate things, 1 is an account destroyer (beliefs), the other is an opinion which can and should be changed if it proved to be wrong.
Stop losses are fantastic if you would like death by a thousand cuts, between them and spread and overnight charges as well as price adjustments you will be chasing your tail trying to make up losses.
Just my opinion through observation, if my opinion changes then so be it, ill adapt, if it doesn’t it will become a belief.
There is a million different ways to trade and the method above is what I use every day and ill keep doing it until it stops working.
Don’t confuse this with a martingale system its not, martingale systems can work great for a time until that one-day price moves too far then you empty your account!
I make money in the consolidation and with pullbacks and with continuation moves, if price does decide to go a lot further than I anticipate my opposite trades will keep the margin requirements calm until the move is over with then it will consolidate as I accumulate the positive trades again without taking so much as a fraction of a loss while the account just keeps growing.
I’m confident most trades that do as I suggest above end up in the top 5%.
My mission is to grow the account and manage draw-down by overtaking the draw-down with winning trades and modify the position size over time. Draw down is a time constraint thats all.
Seems to be working.
I don’t trade opinions or beliefs, I do trade areas of interest on my charts, those areas of interest are based on historical levels I have marked and placed limit orders and take profit levels on which are very clear to anyone who has used supply/demand or support/resistance in there trading.
How do I know if they’re going to work?
I don’t but it doesn’t matter, it can sail through 10 of these if it wants and I’ll still be fine, it just means waiting longer (time constraint) to collect money when it changes direction or consolidates again.
Look at your equity, calculate your margin requirements, calculate your position size, look at the worse case scenario, split your trades into chunks to accommodate and bobs your uncle!
I’m not looking for comments, questions or arguments, just throwing it out there, if you find it useful that’s great if you don’t that is also fine.
Good luck on Monday!
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