If you believe in yourself anything is possible !!
- Joined Jun 2008 | Status: Future Pipillionaire | 685 Posts
{quote} Good words Kirk had me me thinking about my own trading endeavours lately if you don't mind me saying. My best trade this week up to now, was putting on a trade with take profit and stop loss set, and walking away for a few hours, so I did not monitor or micro manage it, came back to a very nice profit. The thing I did differently was accepting first off that it was going to be a win or a loss, and not watching it. No emotions in play, and no micro managing the trade, it was going to either hit my stop or my full on take profit. In doing...
If we were robots we would automatically realise and accept that every trade has a binary outcome - you either make a gain on your account, or you don't.
But we are not robots, we have emotions and these impact our decisions.
One way I try to counteract the potential impact emotions have on my trading is by changing the language I use around 'winning and losing'. Notice above I don't say 'you win or you lose', instead I say 'you either make a gain on your account or you don't.'
I am not a fan of certain words and their connotations, particularly the words 'lose' or 'loss'. To me they have negative connotations and do nothing to promote positive feelings or behaviours when in the market.
Psychology and a positive mindset is so important that I feel even little things have the potential to have big a impact. Something we might consider trivial - using the word 'loss' for example - for some people it might carry more weight than we would like to admit, and it might be better off framing things a different way.
Instead of a 'losing' trade, I call this 'the cost of doing business'.
We should never open a position without first accepting that there is a cost involved, and that cost is the 'risk', i.e. where you place your stop loss and the lot size you select. Once we have decided on the cost and we enter a trade we know it will result in either a lower account balance when the trade is closed, or it could result in a higher balance.
At this point we should all feel comfortable to get up and walk away. We can forget about the trade and go and do something else. We have accepted the cost of doing business; we have accepted the outcome, whatever that might be, so really there's nothing more to be done. Why should we waste our time staring at the screen, especially when we already know we are at risk of 'micro-managing' and interfering with the outcome.
The absolute best thing we can do once a trade is entered is walk away.
Hats off to you, marshy. Well done on walking away.
Trade to Live - Don't Live to Trade
- Joined Oct 2020 | Status: Member | 6,305 Posts
{quote} marshy, if every trade you take (every trade we ALL take) can be like this, trading life would be far more straightforward and simple. Wouldn't it be great if we could all be robots, hey? If we were robots we would automatically realise and accept that every trade has a binary outcome - you either make a gain on your account, or you don't. But we are not robots, we have emotions and these impact our decisions. One way I try to counteract the potential impact emotions have on my trading is by changing the language I use around 'winning and...
B4 Elvis there was nothing
- | Joined Dec 2021 | Status: Member | 26 Posts
{quote} Hi Adashi. Yes I am always trading on a M1 chart with the M5 as the higher TF filter. See attached screenshots. I am now using 2 x instances of the BTBA V5.0 on the chart: - one instance has Base TF arrows only, and; - the other instance has the Higher TF arrows showing, BUT this instance has ONLY the first Higher TF arrow showing. This helps declutter the screen. I am no longer using the BTBA version with the exit signals, so if you need less objects on the screen, you can either turn the exit arrows off in your settings, or simply use...
In the pictures you sent, you have changed the Tick R & Tick S & Tick U settings from 21, 21, 5 to 13, 13, and 3. You already emphasized the numbers 21, 21, and 5. Which numbers do you recommend to use?
- Joined Jun 2008 | Status: Future Pipillionaire | 685 Posts
{quote} Hi Kirk, thanks again for your efforts to improve BTBA's excellent system In the pictures you sent, you have changed the Tick R & Tick S & Tick U settings from 21, 21, 5 to 13, 13, and 3. You already emphasized the numbers 21, 21, and 5. Which numbers do you recommend to use?
Honestly either settings are fine to use (or another setting entirely!). I recommend people experiment with their own input values for each of the BTBA settings and find their own 'sweet spot'.
Experiment by having two chart windows side by side with one BTBA version showing the TVI with 13 /13 /3 and the other with 21 /21 /5 and take note of any differences where the arrows are appearing. The 13 /13 /3 can get you into a trade slightly earlier at times, where the 21 /21 /5 can help filter out 'bad' entries at other times.
But keep in mind the TVI is just one component out of the total four indicators which make up the arrow alerts. It is definitely worth experimenting with each of them.
Trade to Live - Don't Live to Trade
- Joined May 2017 | Status: Member | 3,751 Posts
I didn't get a chance to post last week's results, but this week has been great. 
I've been fine-tuning my entries and adjusting my SL and TP based on the volatility that I see at the time, and it's been working well.
This week I hit +8% profit, which for me is excellent.
I need to improve a bit on opening fewer orders, as 31 trades over 5 days is still a lot for me, but I'll taper it down as I continue improving on my approach to this strategy.
After a month of proper testing and finding my way to trade this strategy, I can say that there is definitely potential and, if traded right, good profits to be made.
Cheers.
I've been fine-tuning my entries and adjusting my SL and TP based on the volatility that I see at the time, and it's been working well.
This week I hit +8% profit, which for me is excellent.
I need to improve a bit on opening fewer orders, as 31 trades over 5 days is still a lot for me, but I'll taper it down as I continue improving on my approach to this strategy.
After a month of proper testing and finding my way to trade this strategy, I can say that there is definitely potential and, if traded right, good profits to be made.
Cheers.
Truth is like poetry. And most people f*cking hate poetry.
I didn't get a chance to post last week's results, but this week has been great.
Very good, those are impressive results for this week, very nicely done. Yes, I suppose 31 trades over 5 days is quite a lot, but you stuck at it and came out very well by the end of the week. it's all about sticking to one strategy and fully understanding its nuances'.
If you don't mind me asking what are those MA's you are using? I use some MA's on the BTBA 1 min chart, two of them are the 60 SMA and 240 SMA, this gives me a quick visual on the 1 Min chart as to where price is reference to the 1 hour and 4 hour candles / timeframes .
I am currently experimenting with this context in mind - I observe higher timeframe supply / demand areas and what price is doing at these areas, then look to enter as price pulls back and uses unmitigated FVG's for price to return and fill for trend continuation or trend reversals on the 5 min and 1 min charts and use BTBA as extra confluence to support the trade idea.
Please don't let my input distract you from your own trading methodology that you are applying successfully, it was just out of interest.
Cheers
Peter.
“A setback is a setup for a comeback.”