The traders who learn to view and think about trade setups in terms of risk/reward are the ones who end up making consistent (albeit massive) amounts of money.
My personal strategy looks something like this:
Using the 4-minute chart as the earth rotates 1 degree every 4 minutes.
𓃭 0.50% stop-loss measurement
𓃭 1/2 profits at 1.30% level and move stop to break even.
𓃭 2/2 profits at 1.50% :: (or 1.70%)
𓃭 Wait to enter trade at the previous 2nd candle base break up/down and skip trades that are in consolidation where the direction is not 100% clear.
Keep in mind that my signals are so precise (indicating near exact future pivots) that I am able to use such a tight stop-loss, but this wont necessary work for the average trader. This video is merely meant to serve as an example of how to work out ratios for yourself.
Knowing when not to take a trade is just as important as when to take a trade. Don't enter a trade if you are not confident, as it will only damage your equanimity. Don't let greed or fear destroy a good thing. Those emotions + impatience and lack of self-discipline are obstacles that prevent 97% of novice traders from ever succeeding in maintaining a long-term professional career.
You should be operating as any casino or business would, do not gamble with your business.
At the same time, allow yourself to make endless mistakes with ease and grace, knowing that if you want to succeed baldy enough and you never give up, you will find a way to realize your dreams!
Mistakes are a right of passages. Excruciating lows and euphoric highs are what everyone experiences on the road to success.
The 97% will give up along the way or never even attempt to begin with.
My personal strategy looks something like this:
Using the 4-minute chart as the earth rotates 1 degree every 4 minutes.
𓃭 0.50% stop-loss measurement
𓃭 1/2 profits at 1.30% level and move stop to break even.
𓃭 2/2 profits at 1.50% :: (or 1.70%)
𓃭 Wait to enter trade at the previous 2nd candle base break up/down and skip trades that are in consolidation where the direction is not 100% clear.
Keep in mind that my signals are so precise (indicating near exact future pivots) that I am able to use such a tight stop-loss, but this wont necessary work for the average trader. This video is merely meant to serve as an example of how to work out ratios for yourself.
Knowing when not to take a trade is just as important as when to take a trade. Don't enter a trade if you are not confident, as it will only damage your equanimity. Don't let greed or fear destroy a good thing. Those emotions + impatience and lack of self-discipline are obstacles that prevent 97% of novice traders from ever succeeding in maintaining a long-term professional career.
You should be operating as any casino or business would, do not gamble with your business.
At the same time, allow yourself to make endless mistakes with ease and grace, knowing that if you want to succeed baldy enough and you never give up, you will find a way to realize your dreams!
Mistakes are a right of passages. Excruciating lows and euphoric highs are what everyone experiences on the road to success.
The 97% will give up along the way or never even attempt to begin with.