Are you a champion hopper? 😬🙈Morning traders.
I started yesterday morning by posting an idea with the phrase below.
'Lets start the morning with everyone's favourite! Gold'
Well I'm kinda doing the same again this morning but this time it so we can all have some more food for thought at the breakfast table instead!
Now here me out, I have drawn the two graphs in this mornings idea on the same gold H1 strategy chart I shared yesterdays idea from.
The comment section was a good mix of feedback, some miffed at the stop out possibly and others very realistic in the reality that stop losses occur in trading.
For this strategy yesterdays stop loss means we now have 5 losses in a row. But I wont be hopping off to another method or style either.
90% of traders get spooked at the first sign of a losing run and jump to the next strategy.
Why will I stick with this strategy for gold on H1? Because of probability being factored in from the back tested data available.
Hand on heart how many people out there actually back test a strategy?
You can't plan for probability in your risk management if you have no data for your strategy.
Transparency when sharing ideas has always been key for me and strategy test data is always included in my ideas just as the H1 gold data is at the bottom of this idea.
This leads me back on to the graph drawings in this idea.
The one on the left is the last two weeks of data for this strategy the one on the right is the last two years! Growing capital takes time.
Losing runs are part of trading the growing capital part comes from trading a strategy with a proven edge.
If you have a proven system why hop on to another one?
I'll end this idea with a great quote from Steve Burns.
'10% of successful trading is creating a system with an edge. The other 90% is following it'
Enjoy your day traders.
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No one likes missing out, do they?
Also, see my 'related ideas' below to see more just like this.
Thank you.
Darren
Tradingedge
FUN/USDT - The importance of the POCPOC or Point of Control is a critical level highlighted by the Volume Profile tool available on TradingView.
It highlights the level at which most volume has been traded: be that buying or selling.
What I look for when using the POC is it matching the midline - found at the exact halfway from the Entry and the Stop Loss of the setup.
On my charts, the midline is usually drawn in yellow but in this precise case, you almost can't see it because the POC is over it!
This is exacly what we want to see.
Textbook and I thought it would be worth a share.
To keep in mind, this is a second look at a setup on FUN/USDT which previously failed.
Take care,
Vlad The Crypto Trader
Elements of a Successful Trading Plan 106SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Elements of a Successful Trading Plan 106
The last Element that i will explain is Trading edge.
6. Trading Edge
The season, in which the currency will exchange, it is beneficial to hold the exchanging edge
down to maybe a couple setups when beginning. The more systems one plans to ace, the more
troublesome it will progress toward becoming reliably profitable in the market. The following
are the points of interest of exchanging edge:
• Early Range Breakouts
• High Volume
• Tight Spreads
• Combination preceding the breakout
Follow your Trading plan, remained disciplined and keep learning !!
Please Follow, Like,Comment & Follow
Thank you for your support :)
This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Tradingview Replay Function, Perfect your edge whenever you wantTradingView Bar Replay is a feature that you should take advantage of, In this post, I'll show you how it works and what it is good for.
Turn Bar Replay On
To turn on Bar Replay, click on the icon in the toolbar at the top of the screen.
Adjust the Settings
After you turn it on, you will see a new toolbar appear on your active chart. You will also see a vertical red line appear where your cursor is.
The red line marks where the replay will begin, so do not click until you have scrolled back to where you want the playback to begin.
You can use the scroll control on your mouse the move the chart back or click and drag the chart to move it. Clicking and dragging will not set the start point.
Start the Replay
Once you have scrolled back to where you want to begin the replay, click once on the chart and you will be in Replay mode. Now click on the Play button to start the replay.
How it Can Improve Your Trading
There are a few different ways that this feature can help you improve your trading. If you can think of any other use cases, feel free to leave them in the comments at the end of this post.
Reviewing Your Old Trades
You can use the playback feature to analyze what a chart looked like before you entered a trade.
When you look at a trade a few days later, you will usually be able to see it from a more objective standpoint. This is because the emotion surrounding the trade has dissipated.
So a follow-up analysis of your trades could reveal what you do well and what you need to fix.
Backtesting
You could use this as a free backtesting platform. Of course, the currency pairs that you test would need to have enough historical data available. But if there is enough data to do a solid test, then you would just need a simple spreadsheet to track your trades and you are good to go.
Since TradingView makes it easy to do screenshots, it's also easy create flash cards of good setups, for later.
Practice
Another helpful use of this feature is to replay premium setups, so they get engrained in your brain. You can keep a spreadsheet of dates when good setups for your trading system happened and you can use this replay feature to play them forward a few times to get some practice, without going through the entire process of backtesting.
