The thing is, we're all built/wired differently. I've spent quite a number of time to adapt to this system. Learning market structure will also do you good. Then getting familiarized with a pair or two will help also.JeanPierre458 wrote: ↑Fri Aug 05, 2022 4:24 pmGood day everyone,
"Rookie" here looking for a bit of advice please. So I've been through most of this thread but wouldn't say I fully understand the trading strategy. I will be using/learning the latest version even though I like the XU v3-cycle ID a bit more than the spike indicator.
So firstly not sure if that is a right change to try?
Secondly the Golden Nugget rule, is it valid now for all dots or only like the white or red dots perhaps?
And then thirdly I work during the day from 07:30 till 17:00, so I have limited "screen time", so what multiple timeframes would one recommend using for very quick trades? I've seen some people post like a 4hr with a 5m, then like 15m with 1m or 5m with 1m....it's a bit confusing what higher time frame to use knowing ok I can trade the yellow or blue dots on the lower timeframe and so on
For the time frame to use, do back tests and demo forward tests on the time intervals where you're free from work, so you know what works best for you.
I'll advice not to go beyond the M5, M1 is sexy most times, but in the end, it could cost you.
I use to be a Gold trader, but I later switched to us30. I've been trading it for sometime now.. when I lose a trade, I journal it down, so I don't repeat it.. when I miss an entry, I also journal down, so I get in next time.
For example below, I got in before the candle changed colour, it's because I've been a little familiar with how it moves (nothing's guaranteed), so I risk an amount per trade that won't make my heart race. I believe price should break yesterday high, but I follow my trading rules. Also, when I get into a trade, I leave it until it hits my SL, BE or TP. But when I see a reversal to enter the opposite position, I then close the previous position, else I just leave it to do any of those three things I mentioned.
Like this current trade, I'll be leaving it to either hit the TP or go back down to my BE. Maybe that's a not so good habit, (giving back to the market), but in general, it helps me win more trades in the end. So when a trade like this goes back to the entry, I'll feel bad, but I move on, knowing the next or two will hit the target.
Like I said, we're built differently, I may adapt my trading rules in the future.
Advice: get the help and advice from this thread, then learn the system for yourself.. discover what works best for you.