I am no "Pro" what i post is from my own experiences and observations. Trading 1min BO is such a random game, making it extremely hard to be consistent in making profits solely from understanding a strategy and having a good win ratio. I am just gonna touch on few points that were discussed over the last few days on the group.
1. Patience:
What is it? Why should you be patient if in 1hr you can have up to 60 trades? Why should i be patient if every candle stick looks like the one i saw from Benjamin's videos?
What is it? Why should you be patient if in 1hr you can have up to 60 trades? Why should i be patient if every candle stick looks like the one i saw from Benjamin's videos?
The answer is simple: 1min BO Traders dont want to wait for a conducive trading time because they have a fear that they will wait and when a perceived opportunity arrives, they still get an OTM. If you one of them then consider this: There are traders who wait for days / weeks or even months for a "good" opportunity and when it arrives and still get it wrong. It is called trading for that -its a game of give and take (sadly)
Summary: Patience is waiting for a perceived opportunity irrespective of whether it will work or not but a true trader will know that x out-off 10 it will work in my favor.
2. Risk Management :
Most of us focus on money management risk while in fact there is more risks in totality. There are many risks that we need to consider but i will mention few.
- Money management
a. Martingale
A lot has been said on this one. The fact is there is no right or wrong in what you know about this. I know a guy who martingales a lot and make money and i know a guy who tried it and lost money, the question is, Do you know the strengths and weaknesses of your strategy, you mental capacity to endure the pain of adding to a losing streak?
Most of us focus on money management risk while in fact there is more risks in totality. There are many risks that we need to consider but i will mention few.
- Money management
a. Martingale
A lot has been said on this one. The fact is there is no right or wrong in what you know about this. I know a guy who martingales a lot and make money and i know a guy who tried it and lost money, the question is, Do you know the strengths and weaknesses of your strategy, you mental capacity to endure the pain of adding to a losing streak?
Summary: I think this one is good for those who lack patience BUT KNOW their systems well. Whether its for you or not is up to you as a BO trader NO ONE has the right to judge.
b. Compounding
This one looks very attractive on paper but has a down effect of draining your account slowly but surely on an "OK" day where everyone else made money except you! Its worse on a bad day and its perfect on the best day when everyone made moderate profits and you have made a killing
This one looks very attractive on paper but has a down effect of draining your account slowly but surely on an "OK" day where everyone else made money except you! Its worse on a bad day and its perfect on the best day when everyone made moderate profits and you have made a killing
Summary: Compounding is good if you have a small bankroll and what to build it up. I personally do it to 4steps because i understand the limits of my systems.
c. Fix amounts
Fix amounts is what most traders go for. They have less stress and easy to follow BUT i dont see anyone trading 1min making money using fixed amounts over a long run specially if they do too many trades per day. Why? Simply because one moment you in a good winning streak 85% the next you down and the cycle repeats itself. If your life style requires $200 per day and you trying to make it from a $100 bankroll placing fixed amounts of $10, then you will not make it
Fix amounts is what most traders go for. They have less stress and easy to follow BUT i dont see anyone trading 1min making money using fixed amounts over a long run specially if they do too many trades per day. Why? Simply because one moment you in a good winning streak 85% the next you down and the cycle repeats itself. If your life style requires $200 per day and you trying to make it from a $100 bankroll placing fixed amounts of $10, then you will not make it
Summary: Fix amount are good for established traders with big bankroll and they just place 3 - 5 trades per day or less with big bet sizes. Then consistency is possible.
Platform:
I personally think IQ is good in terms of payouts and withdrawals but it leaves a lot to be desired when it comes to trading 1min BO. It is hard enough to get wins in 1min BO so having a platform that will have a lag and give bad every points decreases one's win rate by 5-10% on a long run. so if you have a 70% win rate from time to time, you might consider that to be 60% due to the lag.
I personally think IQ is good in terms of payouts and withdrawals but it leaves a lot to be desired when it comes to trading 1min BO. It is hard enough to get wins in 1min BO so having a platform that will have a lag and give bad every points decreases one's win rate by 5-10% on a long run. so if you have a 70% win rate from time to time, you might consider that to be 60% due to the lag.
Summary: IQ is a good platform but I personally think it is good for 5min or higher time frames. There is no shame in trading higher time frames specially when starting out in BO
3. Consistency
This one is difficulty for every trader even Benjamin , why?
Because the markets are not consistent. What worked today might not work tomorrow. Consistency is not about being right all the time. Markets are dynamic, so should be the traders and the strategies and money management he/she uses specially in 1min BO. The way markets move during London open, London+US, US only and Asian session are totally different so there is no size one fit all strategy and MM that will work in all. All Markets from January to June react differently from July to December also during daylight time shifts ect. So be adaptable to try to be consistent
This one is difficulty for every trader even Benjamin , why?
Because the markets are not consistent. What worked today might not work tomorrow. Consistency is not about being right all the time. Markets are dynamic, so should be the traders and the strategies and money management he/she uses specially in 1min BO. The way markets move during London open, London+US, US only and Asian session are totally different so there is no size one fit all strategy and MM that will work in all. All Markets from January to June react differently from July to December also during daylight time shifts ect. So be adaptable to try to be consistent
Summary: Consistency is not measured in ITM per day, rather measure if in Withdrawals, which is the bottom line. The Withdrawal are the function of money management you use on different market conditions.
4. Emotions
The Markets are driven by emotions (greed and fear desires). Dont fight them work with them understand them and integrate them into your trading style and they also inform your strategy and MM style.
The Markets are driven by emotions (greed and fear desires). Dont fight them work with them understand them and integrate them into your trading style and they also inform your strategy and MM style.
Summary: Emotions are not you enemy they are your bread and better if you know how to work with them not against them.
In closing:
No one is a master in trading, what you are being taught by someone might be nonsense to someone else. Gather ideas from everyone who has experience and make a master of your own. What works for me might not work for you!
No one is a master in trading, what you are being taught by someone might be nonsense to someone else. Gather ideas from everyone who has experience and make a master of your own. What works for me might not work for you!
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