From time to time, people would talk to himself, I will trade when I see a setup. But to know only short term that only after 2- 3 trade and 1 loss, he or she decided to go back to his/her natural habit, trading on intuition or gut feeling. Of course this would lead to an astray and lead to believe himself or herself that hey are not a good trader, or trying to find new way how to pick the market. The cycle goes on and on, never ending until they totally FAIL in what they want to achieve to do in the first place.
To be the trader and live a living out of the money he or she trades! Why their trades are not consistent? because they keep on changing trade styles, trading system and so many more leading to poor money management and risk management.
With a consistent professional trader, all he or she do is wait. If it doesnt show , then it doesnt show. SIMPLE. Take for example on the chart below. Yesterday I was looking for any setup on the only pair I focus on normally. Nothing, though there was one on the smaller time frame in the 15 min chart but I didn’t took it. The higher the time frame, the higher the probability as well. So in this case, I just browse between H4 – m15 time frame charts. Again, I set a time when to look at the market , 08:00 GMT.
Why ? this is where London Traders on their desk starting to pour on money. Hence I see this on the chart, these bank traders, cannot hide those large numbers as it reflects back on the chart.
Chart below a supply just after 08:00 GMT. The server on my chart is +2 GMT hence showing 10:00.
Again I took only 1:2 RR for the trade. It could potentially go further but im not just bother to take that much. If your consistent with 1:2 and comfortable to it in the long run, just use it continuously.
I was risking 14 pips for a 28 pip reward. It is also nice looking chart that the trend is down and selling on a pull back. Finding supply on a down trend would be your state of mind but bemindful of the larger time frame first where we are . We dont want to sell a supply in a larger time frame demand. These are the most classic mistake that ALL untrained traders do because they follow indicators or don’t know where price is in relation to larger time frame.
But I do also thank to those novice trader that got a lof ot money still out there, or any type of trader who is at the Wrong side of the order flow, and ALl i do is take their wrong side money to the right side receivers!
Happy hunting everyone!!