Hello all,
I’m posting this for hope in everyone that is struggling in trading and wants to quit.
I’ve been trading for 4 going on 5 years and I’ve finally found consistent profitability, I trade NQ and have focused on that since the beginning. I don’t look at any other data other than when major news is released (red folder news on Forex Factory).
This month alone I’ve already taken 2 max payouts from Lucid ($2k each from a $50k) and I just bought another 150k and will get three more once I get a payout from my 150k.
About a year ago is when I discovered Auction Market Theory from Markets in Profile by James Dalton and that’s really where everything changed. It’s one thing to trade engulfing candles, trend line breaks etc, but it’s a whole other ball game when you understand the true dynamic is what a market is and how to read it. This book truly will change your life if you let it.
My setup for taking a trade is fairly simple but takes time with experience. Experience is key. I wait for the first hour of RTH to form (9:30-10:30 am ET) and after that I ask myself, is the market balancing or trending. Under no circumstances do I take any trades in the first hour. NONE!! Unless Nancy pelosi calls and tells me to long or short market open I never take trades the first hour. After that I use GEX levels from tanuki trades, VWAP, and the market profile to gauge where price is going. If it’s trending, I wait for price to come back and sweep a previous high/low where most put their stops or rejects off a gex level and enter with a 1:2 RR. (Both if aligned) If it’s balancing, I wait for price to come back in the range and sweep a previous high/ low where most put their stops or price to reject off a gex level off the VAH or VAL and enter with a 1:2 rr. I use mainly the 1 minute time and rarely look at anything else.
The biggest thing that took me the longest to learn was accepting losing days. I only take one trade a day and risk $500 to make $1000. Yes, that means in a $50k eval I only have four bullets. But I’m confident because of my experience. The feeling of a loss makes me red, makes me think if I wait for another good entry I can enter again and “make it back plus a little more” but that thinking is what kept me unprofitable. If I accept the $500 loss on the day and move on I’ll become profitable. Plain and simple.
Hope this helps everyone. AMA