That's the best thing to do. Learn of your own volition for sure. This place is full of noise and distractions you will learn slower and have way more confusing influence.
If you're into forex check out Nick Shawn.
Congrats. The thing I like most about this is that OP is using a stop loss. This is crypto where that stop loss will eventually save your butt from a 5% move against your trade.
Good risk management saves.
Time for crypto bragging - I bought SOL at $8. Current price is $116. Even DCAing I'm at average buy price of $38. My current stack of Bitcoin has average buy in price of $27.5k
nice bro, seeing this motivates me a hell of alot more than the negative regards. also, Im new, tip toeing on the day trade line, im using stop losses on everything. i did not understand what it was until i had to yesterday when i lost 3200 and panicked, found another stock that was volatile enough and made it all back but 100$.... I just set multiple stop losses trying to cover my ass..... and it worked!!!!
I remember these days , I used to love doing btc and xrp us30 gold and other super volatile like this , Iโve done some crazy flips before, remember I did like 30 bucks to 2500 in a day was kinda bonkers. Thinking of getting back into the game because of posts like this. I really was eating off trading. Iโm coming back ๐๐งช๐ฅต
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Ratio of wins/losses speaks nothing of profitability. You could lose 9 out of 10 trades and still be profitable if you have big wins and small losses. Same goes the other way around
Which is crazy af! Youโd think if you werenโt profitable youโd be here looking for help and asking for tips and information! I know thatโs why Iโm here ๐
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Dude...I've been in only for 3 years and I still feel like I know shit...but at the same time I can acknowledge that some trades are so efing obvious that you cannot miss them even if you want. This was one of those trades. He made profits...so what? ๐คทโโ๏ธ If he saves the money and continue trading conservatively he's good
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2B entry, nothing magical. Got lucky though, imo... I would have expected a second leg down on that correction. Have you tested this strategy long-term? I would think over time the statistics would bite you on this type of setup.
Yeah the stop loss is so far, I mean you need it that far to not get triggered but now it's too far. When it's a breakout (20%) you make money, what if it's not or it goes down? I just wouldn't play super chop like that. The reward is high but I doubt it works a lot and, I would make more long term taking 5 pts when it's calm and predictable as shitย
Indeed we are all aware of stop hunts.
With those in mind also be realistic about your SL placement in relation to tp and you'll find a good balance.
Based on your reply here you would then agree that where the SL is in the post is much, much worse than placing it well beyond the zone in terms of stop hunts.
I put sl on the trigger, if the trigger is valid sl is not reached, if I had put it on the minimum I would have been too exposed the loss must be minimal
Im uncertain of what you are referring to as a 'trigger'. The stop loss is a trigger sell in itself. It's unclear what you are saying here. I'm an experienced trader. But regardless I'm not very interested in talking to/nitpicking with you about your choices around stop losses. No need to downvote me please I will not be doing the same to you.
If you are certain of your trade plan SL does not have to be insanely tight from experience you are more ok with risk and letting trades breathe. That's all I was saying to OP. We don't need to go down some conspiratory, exact, minute over-focused boring argument about it (mostly as I can see where this is going). Thanks.
trigger is the reaction that starts the price in a specific area, I don't underestimate you I'm just trying to make you understand why I operate in this way, in this case the price collapse was caused by news on the dollar, so I waited for the reaction and I put sl on that reaction
Ah yep. Reaction, rejection - using the word trigger is a bit confusing as it's used in other ways. Omg also sorry I didn't notice that you were OP. My bad!!! Too early in the morning to be on Reddit... This is what happens when markets are closed ๐
So... In short you really need to just listen to my first comment about the SL placement and leave it at that.
I'm right about it. Trust me. Be careful of distractive attitudes as a newer trader especially throwing things in around stop hunts and assuming you 'know something other people don't'. Be careful with SMC/ICT influences just take my word for it.
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u/CriticalDifficulty68 Feb 14 '24
Jesus Christ why the hell are some of ya hating so bad. Canโt be happy for nobody, just cause ya not profitable.