Yes, in General the principles are simple
It's the details I struggle with. Here's another example:
All entry conditions met for a short. So far so good. On the next candle the initial Zee Signal vanishes and turns into scissors, so my EA exits. Should this be ignored, meaning that as long as there still remains a fitting Zee Signal (scissors) even if it's not the same (resistance) we can stay in the trade?

In hindsight this would have been a good Idea How do handle these situations? I will change the logic to stay in the trade in these types of situations.
Also tell me if I'm too spammy with my questions/explanations/posts.

Onomatopoeia wrote: Mon Jan 08, 2024 4:10 am Yes, in General the principles are simple
It's the details I struggle with. Here's another example:
All entry conditions met for a short. So far so good.
ADAUSD 2024-01-07 17.35.00.gif

ADAUSD 2024-01-07 18.05.00.gif
On the next candle the initial Zee Signal vanishes and turns into scissors, so my EA exits. Should this be ignored, meaning that as long as there still remains a fitting Zee Signal (scissors) even if it's not the same (resistance) we can stay in the trade?

In hindsight this would have been a good Idea
ADAUSD 2024-01-07 18.47.02.gif

How do handle these situations? I will change the logic to stay in the trade in these types of situations.
Also tell me if I'm too spammy with my questions/explanations/posts.

Why you don't use a normal template? For me template is important, it helps build muscle memory and other things. As for the trade, look for H4 trend and then go to M30 - if you have good place to put trade, put it and make best possible stop loss. It will pay off!

BeatlemaniaSA wrote: Sun Jan 07, 2024 8:08 am

I love this, specially the real achievable targets and monthly returns. There are prop firms with unlimited time now, anyone who is super eager to make money on prop firms should consider this approach and focus on money management.

For the lazy ones that will never watch the video, here are the key takeaways, because they are worth learning.

Introduction
Mark has been trading for 15 years, starting with stocks before moving to forex. He started due to losing his engineering job and wanting financial freedom.
The host got into trading through social media and sees it as a way for men to achieve status, lifestyle, and address insecurities. Mark agrees the image and perceptions have changed.

Trading Industry Then vs Now
In the past, trading was seen as more professional and people understood the risks. Now there is more of a gambling mentality and desire to "gamify" trading.
Prop firms used to be about getting capital to scale up. Now people buy track records and fixer trader status, often losing money quickly after. This gives a false sense of identity.

Psychology and Emotions
Mechanical systems don't remove psychology and emotions. Discretion allows interpreting situations to gain an edge.
Need to reshape thinking patterns and interrupt negative thoughts. Bring awareness and ask if thoughts are useful.
First 15 minutes of the day prime you for trading decisions. Most traders wake up stressed and it impacts decisions.

Risk Management
Keep risk small when in drawdown to stay in the game, not be reckless, and avoid getting comfortable blowing accounts.
Standardized risk has benefits but can get stuck in drawdown. Some adjustment can help psychologically.
High risk reward is possible but managing losses and drawdowns is challenging for most. Better to focus on consistency.

Key Trading Principles
Follow the money flow and volume. Trade with higher timeframe narrative. Identify liquidity and be specific on entry execution.
Realistic to target 50%+ win rate and 5% monthly returns. Don't compare to outliers. Incrementally scale capital.

Wealth Beyond Trading
Teach wealth creation not just trading. Property investments provide passive income and freedom.
Think long-term beyond trading. Protect and provide for family. Freedom is not just trading laptop lifestyle.

Summary:
The conversation covered the evolution of trading attitudes and Mark's perspectives on psychology, risk management, key trading principles, passive income, and building true wealth and freedom. The emphasis was on developing healthy habits and mindsets for long-term consistency over chasing quick rewards.

I kinda hate doing this, I'm not one to put videos on forum post... but I think this is extremely relevant.

Samoth wrote: Fri Jan 05, 2024 8:32 pm Hey, I will share it this weekend, wanted to share it earlier but there was so much to do at work

I cluttered all the indicators in different folders, the template won't load if I share it. Gonna put them all into the Beats folder and create and a new template that everyone can load

Thank you Samoth, that is very kind of you. I'm still waiting for that beautiful template of yours

Hi BeatleMania, Which higher time frame would you recommend to use if the 4 hour time frame is used for entry. Daily or Weekly ? Many Thank Sarj

Sarj wrote: Mon Jan 08, 2024 10:58 pm Hi BeatleMania, Which higher time frame would you recommend to use if the 4 hour time frame is used for entry. Daily or Weekly ? Many Thank Sarj

You can alternate between the Daily and Weekly Remember there are 5 daily candles in 1 weekly candle (forex and commodities) and 7 for crypto.

i used this Cheat sheet