Someone i know in this forum asked me a question, the question was based on risk to reward basically. My answer was rather long, so i thought i would share my answer here below.
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I like the idea of Art mixed with Science, this is our world we live in.
The markets are our world and they move in both an art and a mathematical way, i tend to think.
ICT has developed systems, that all of us can see together, at the same time, and then see them unfold in front of our very own eyes. We cannot fault what he has put before us.
I can scalp the markets, day in and day out, but the problem with it is, i need to sit in front of the charts more often, but the big advantage is, learning. It makes us see how price behaves more often. I will try to explain now, how i see it and how i trade. remember i am not long trading, only two years.
Ultimately i think only following 1 or 2 pairs, to "trade" only is the best thing to do.
I follow other pairs, only to watch there movements, and learn from them and how they move in conjunction with the majors. I prefer to work, watch the markets coming out of Asia time into London, this is where opportunities unfold, in my experience.
So i set myself, set up time and trade time. like ICT says, if everything lines up into time of day, then its game on.
The advantage of only following 1 or 2 pairs is, we dont spread ourselves to thin, so we get to know those selected pairs very well. As far as stop size goes, 10 to 30 pips, to me, it really depends what my target is to start with, and that determines my risk all round.
Having the one shot one kill per week in mind, is a fantastic thing i believe. but if we need to fast track our learning curve, we need to scalp intra day, leaving little risk to our accounts. I find that 1 opportunity per day will arise in every pair. So following just 1 or 2 pairs will present 1 trade opportunity each day only, and if i miss that trade, tuff luck, it is time to wait until the next day. So either looking for 10-15 pips a day or 50 pips a week from 1 trade, is kind of the same, but having those 5 days of opportunity, in itself, leaves us room for error. that's the way i look at it.
Or as an option, use the one shot one kill per week on two pairs only, which leaves less time required in the charts. So saying that, i think as learners, we need to scalp to learn. then once we are confident within our selves, its time to take the one shot one kill approach per week. This i why i have started the Myfxbook demo account, using that concept. I need to force myself to take this approach, to measure day trading/scalping against not trading every day.
****************************************************************************
I like the idea of Art mixed with Science, this is our world we live in.
The markets are our world and they move in both an art and a mathematical way, i tend to think.
ICT has developed systems, that all of us can see together, at the same time, and then see them unfold in front of our very own eyes. We cannot fault what he has put before us.
I can scalp the markets, day in and day out, but the problem with it is, i need to sit in front of the charts more often, but the big advantage is, learning. It makes us see how price behaves more often. I will try to explain now, how i see it and how i trade. remember i am not long trading, only two years.
Ultimately i think only following 1 or 2 pairs, to "trade" only is the best thing to do.
I follow other pairs, only to watch there movements, and learn from them and how they move in conjunction with the majors. I prefer to work, watch the markets coming out of Asia time into London, this is where opportunities unfold, in my experience.
So i set myself, set up time and trade time. like ICT says, if everything lines up into time of day, then its game on.
The advantage of only following 1 or 2 pairs is, we dont spread ourselves to thin, so we get to know those selected pairs very well. As far as stop size goes, 10 to 30 pips, to me, it really depends what my target is to start with, and that determines my risk all round.
Having the one shot one kill per week in mind, is a fantastic thing i believe. but if we need to fast track our learning curve, we need to scalp intra day, leaving little risk to our accounts. I find that 1 opportunity per day will arise in every pair. So following just 1 or 2 pairs will present 1 trade opportunity each day only, and if i miss that trade, tuff luck, it is time to wait until the next day. So either looking for 10-15 pips a day or 50 pips a week from 1 trade, is kind of the same, but having those 5 days of opportunity, in itself, leaves us room for error. that's the way i look at it.
Or as an option, use the one shot one kill per week on two pairs only, which leaves less time required in the charts. So saying that, i think as learners, we need to scalp to learn. then once we are confident within our selves, its time to take the one shot one kill approach per week. This i why i have started the Myfxbook demo account, using that concept. I need to force myself to take this approach, to measure day trading/scalping against not trading every day.
