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I’ve made over $1,000,000 day trading in the last 2 years.
Over this time I learned why 97% of traders lose.
In this thread I’ll teach you:
How A Simple Strategy Can Make You Profitable By Backtesting👇
(1/12)
Over this time I learned why 97% of traders lose.
In this thread I’ll teach you:
How A Simple Strategy Can Make You Profitable By Backtesting👇
(1/12)
1) Strategy
Ok, if you’ve read my other threads you understand trading is not as complicated as some make it seem.
In fact, in my opinion you want your strategy to be so simple that you can teach it to anyone.
Why?
Ok, if you’ve read my other threads you understand trading is not as complicated as some make it seem.
In fact, in my opinion you want your strategy to be so simple that you can teach it to anyone.
Why?
1.5) Strategy
This is because if you have a complicated strategy, when it comes time to execute you’ll be looking at too many variables and ultimately have analysis paralysis.
This means you won’t execute the trade because your confused if it hit all your “rules.”
This is because if you have a complicated strategy, when it comes time to execute you’ll be looking at too many variables and ultimately have analysis paralysis.
This means you won’t execute the trade because your confused if it hit all your “rules.”
1.9) Strategy
Therefore, in this thread I’ll show you how to execute an EXTREMELY simple strategy over a 1 week period to show if you would make profits in that week.
1 week isn’t enough time to backtest, however this should give you an idea of the concept.
Therefore, in this thread I’ll show you how to execute an EXTREMELY simple strategy over a 1 week period to show if you would make profits in that week.
1 week isn’t enough time to backtest, however this should give you an idea of the concept.
2) What is The Setup?
1- Mark out 1st 5 minute candle of the day, the high and low.
2- Go on the 1 minute chart and wait for stock to break/retest either side.
3- Enter on Retest with Profit Target at HOD/LOD, & stop loss below a break of structure.
1- Mark out 1st 5 minute candle of the day, the high and low.
2- Go on the 1 minute chart and wait for stock to break/retest either side.
3- Enter on Retest with Profit Target at HOD/LOD, & stop loss below a break of structure.
3) Day 1
On Day 1 we made $740 by entering on the retest of the 5 min candle low.
Profit target for this was LOD and a super simple trade.
On Day 1 we made $740 by entering on the retest of the 5 min candle low.
Profit target for this was LOD and a super simple trade.
4) Day 2
On day 2 we entered on the retest of the 5 min opening high.
We took outs due to weak price action and profit target at LOD.
This was a $1,230 trade.
On day 2 we entered on the retest of the 5 min opening high.
We took outs due to weak price action and profit target at LOD.
This was a $1,230 trade.
5) Day 3
On day 3 we took a long position on $SPY because it retested the 5 min high with a strong candle.
We made $580 on this day.
On day 3 we took a long position on $SPY because it retested the 5 min high with a strong candle.
We made $580 on this day.
6) Day 4 & 5
On day 4 we lost $380 due to the market being in a choppy condition and a subpar trade.
On day 5 we NEVER got the retest therefore there was no trade that day, which is absolutely fine.
On day 4 we lost $380 due to the market being in a choppy condition and a subpar trade.
On day 5 we NEVER got the retest therefore there was no trade that day, which is absolutely fine.
7) Total Profits
In this 1 week period using this strategy we made:
Day 1- $740
Day 2- $1,230
Day 3- $580
Day 4- -$380
Day 5- $0
Total Profit: $2,170.00 in the week.
In this 1 week period using this strategy we made:
Day 1- $740
Day 2- $1,230
Day 3- $580
Day 4- -$380
Day 5- $0
Total Profit: $2,170.00 in the week.
In Conclusion,
You do NOT need to overcomplicate your trading strategy and I hope this helped you visualize the results.
If this thread helped you:
- Like + Retweet Original Tweet!
- Follow For More Education!✅
You do NOT need to overcomplicate your trading strategy and I hope this helped you visualize the results.
If this thread helped you:
- Like + Retweet Original Tweet!
- Follow For More Education!✅
P.S.-
I made a whole video on this EXACT topic with more explanations on each day & reasons why I took those trades.
Watch The Video Now: 👇
Daily Trade Reviews + Edu: 👇
instagram.com/scarfacetrades_
I made a whole video on this EXACT topic with more explanations on each day & reasons why I took those trades.
Watch The Video Now: 👇
Daily Trade Reviews + Edu: 👇
instagram.com/scarfacetrades_
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