How do you tell your trading setup is good to go

Charles-Tim

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Quote from: Futurexxx on Today at 11:50:56 AM

Monitoring of trade is mostly for those scalping lower timeframe like five minutes and fifteen minutes timeframe, but above that, it is more better to do all the necessary technical and fundamental analysis, place your trade, set your stop loss and take profit, then wait for the possible outcome.

Scalpers are truly the ones that will monitor the screen. I do not say the screen should be monitored all the time but there are sometimes that the you will have no option than to monitor your position. I am very certain about this. All traders do it. There are different types of traders but if you make profit in just some minutes, you will prefer to close the position even if you are a day trader. Even some scalpers will be tempted immediately and close the trade. There are different types of trading but a day trader are highly likely to scalp.

Quote from: Futurexxx on Today at 11:50:56 AM

Then as for trading without using stop loss, that's what I don't do, no matter how low the leverage I use or confidence I have in the trade I took, because in the market anything can happen, a single terrible news can crash a market especially when trading alt or meme coin, so setting stop loss is a must to me.

Do what is best for you. Stop loss is good but also have disadvantages. What that matters is to have a good trading strategy that can make you profit.

Futurexxx

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Quote from: Charles-Tim on January 30, 2025, 05:26:37 PM

Quote from: Futurexxx on January 30, 2025, 09:46:37 AM

The first step for you to know that your trading set-up is good to go is when you are confident enough to place a trade after doing all your analysis, set your take profit and stop loss, then go offline.
When you have gotten such level of confidence in your analysis, just know that you are almost there at the top.

Trading is far more than this. And sometimes it requires monitoring. Not all traders set stop loss. Stop loss is good for high leverage trading but which is not recommended. Trading with low leverage and low amount of money is far better.

Monitoring of trade is mostly for those scalping lower timeframe like five minutes and fifteen minutes timeframe, but above that, it is more better to do all the necessary technical and fundamental analysis, place your trade, set your stop loss and take profit, then wait for the possible outcome.

Then as for trading without using stop loss, that's what I don't do, no matter how low the leverage I use or confidence I have in the trade I took, because in the market anything can happen, a single terrible news can crash a market especially when trading alt or meme coin, so setting stop loss is a must to me.

EluguHcman

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Quote from: Charles-Tim on January 30, 2025, 07:33:23 AM

The only time you can know your trading strategies and plans generally is good is when you are able to make profits for weeks, months and up to or more than a year. If your profit is more, that means you are good in trading. The outcome of your trading is what you can use to evaluate how good you are in trading. It is not just about indicators.

It is as simple as that.
It doesn't really matter of what trading strategies you are treading on and perhaps you don't trade to satisfy your emotions but to make profits.

So if you can trace your trading lines and see it is not favourable then you should have to adapt to other strategies.
So I expect OP to talk about how he is being profiting with his trading with that his trading strategy or possibly seek for feasible strategy significant of him making profits.

However, individual trading strategies is as trying an error that if it works out good for you, then you stick to it but if it does not then hover round to other strategies.

Zaguru12

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Quote from: Macabury on January 30, 2025, 06:02:51 AM

For me I stick to support and resistance then I add 50 Moving average which still point me to support and resistance.

Why I prefer this method is because price will always find it's support and resistance zone no matter the direction of the market.

I have a lots of strategy that I trade like price action, smart money concept and the rest. I can use almost all the three strategies to actually get a confluence, for example my swing trader strategy is using a low leverage less than 10x and then use the SMC strategy which by looking for a good order block after studying the price action of the pair. There are many order blocks in a trade and not all order blocks are valid ones there are some that are simply breaker blocks after mitigations, so for me I combine mine with something like Fair value gap. This is because there is always liquidity left behind when the price moves and it definitely comes back to pick this liquidity

After all this my confluence then is gotten when the trade is at least 1:3RR as I don’t even like a 1:2RR trade, after that I set up my stop loss at a price that I know I can afford to lose. This my strategy saves me from unnecessary panic during trades due to liquidation fear

Charles-Tim

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Quote from: Futurexxx on January 30, 2025, 09:46:37 AM

The first step for you to know that your trading set-up is good to go is when you are confident enough to place a trade after doing all your analysis, set your take profit and stop loss, then go offline.
When you have gotten such level of confidence in your analysis, just know that you are almost there at the top.

Trading is far more than this. And sometimes it requires monitoring. Not all traders set stop loss. Stop loss is good for high leverage trading but which is not recommended. Trading with low leverage and low amount of money is far better.

Quote from: Hatchy on January 30, 2025, 03:59:43 PM

Yes profitability is measured by how much tp you hit In your trades,

Yes, in long term. Some traders can win for like a week and think they are good already but later lose money.

Hatchy

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Quote from: Charles-Tim on January 30, 2025, 07:33:23 AM

The only time you can know your trading strategies and plans generally is good is when you are able to make profits for weeks, months and up to or more than a year. If your profit is more, that means you are good in trading. The outcome of your trading is what you can use to evaluate how good you are in trading. It is not just about indicators.

Sometimes the strategy might be okay and good, but one might have not been able to fully understand how it works. Like I will always tell people, trading is a marathon, we learn everyday. Even with a good strategy, you still need to push forward and learn more from the market. Yes profitability is measured by how much tp you hit In your trades, the strategy also needs time to work as well as consistency in the market...

Futurexxx

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Quote from: Macabury on January 30, 2025, 06:02:51 AM

But I will love to hear your own setup which has been profitable to you so we can all learn and grow.

I will answer your question base on the title of this thread, which is; how do you tell your trading set-up is good to go.
The first step for you to know that your trading set-up is good to go is when you are confident enough to place a trade after doing all your analysis, set your take profit and stop loss, then go offline.
When you have gotten such level of confidence in your analysis, just know that you are almost there at the top.

Am saying this because since trading is more of an emotional game, if you are able to place a trade without blinking first to your emotions, their is a very high chances of you winning that trade if your analysis is right.

Charles-Tim

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The only time you can know your trading strategies and plans generally is good is when you are able to make profits for weeks, months and up to or more than a year. If your profit is more, that means you are good in trading. The outcome of your trading is what you can use to evaluate how good you are in trading. It is not just about indicators.

Macabury

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We have lots of traders in the world and each of them have their setup. This setup helps them make trading decisions either to buy or sell.

For me I stick to support and resistance then I add 50 Moving average which still point me to support and resistance.

Why I prefer this method is because price will always find it's support and resistance zone no matter the direction of the market.

But I will love to hear your own setup which has been profitable to you so we can all learn and grow.

Topic: How do you tell your trading setup is good to go (Read 60 times)