Thank you for the feedback EulerEuler wrote: ↑Fri Jul 31, 2020 7:33 pmJudging by his most recent output I think Caan means click here to unlock the secret of eternal passive second income generation through betting.
But seriously...
Your role as a trader is to anticipate price action, not follow it. Does the set up you have to allow you to get in at a point where the market will move in your favour? Does the market confirm your setup? If you are just following the market you will get beaten up by it. Especially as a newbie.
Watch this video: -
https://youtu.be/wLaSp5a-LqU
I've watched that video before, and i've just watched it again!
"Anticipating price" action I am not very good at it would seem!
I must say in this video Peter talks about being pushed around by the market during a trade, and I am fairly happy I don't let it do that. I target 2-3 ticks, and have a rough stop I get out at roughly 10 ticks. Interesting Peter in this video trading the 3rd fav had a 1 tick target, and actually let it go 6 ticks against him, as he was confident it would come back!! (and it did!) He eludes from what he says and his cursor that he would have let it go about down here (3.1), 8ticks. So that's a 8:1 risk reward. So you need a very high hit rate for that to be profitable.
What I found today, I entered, and the trade fairly quickly went against me 10+ticks for a loss! so my risk:reward of 4:1, and I lost all 7 trades for a net loss of 70ticks ! But I think my price action anticipation is rubbish! I have no "edge". I entered the trade based on what I anticipated would happen, and managed it's exit, for a loss each time!
Maybe my next 28 trades will all be winners to get me back to breakeven!!
Regards
Mr.Goat!