However, Michael Hartzmark has done one such paper in the past that lists retail trader success in the 20-30% range with an 80% net failure rate - Link to abstract here. The paper more or less considered the lack of loss as evidence of being black (no matter how small the black). The largest gains in that section of traders was much much smaller, giving considerable credence to the notion that gains are very skewed towards a very small sub section of pros
Retail traders want to squeeze every trade out of the market, they are fearful of missing trades, so one naturally tends to look at several frames in order to NOT miss a set-up. This, IMO is a suckers game
A macro reference, contextual chart and an entry chart give one an opportunity to simplify. People like to complicate things. Keeping it simple is an absolute, not changing time frames is essential to simplicity. Look at the good traders here - their charts are stupid simple.
Once one can spot one's favourite patterns on a particular chart at 50% rate, then that chart must become a preferred chart. Unless there is a very very good reason to change. The rest of trading comes from identifying risk.
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INCORRECT - that is even more reason to not change. As you have not identified what the change of risk is. Market behaviour will change endlessly, that is the nature of the beast. You must not change you risk profile - you are then a boat in ocean without an anchor. You will NOT last against pros.
If the market is not giving you your setup you must refer to bigger charts, that must already exist in your arsenal. It cannot be a reaction to change. Be proactive - Create 2 sets of charts in the first place.
Expand the number fo markets you look at with the same time frame. And keep it simple
The reasoning that charts must change as market behavior changes is deeply and profoundly flawed.
But what the heck do I know
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Except, those of use who do use multiple time frames, successfully, might tell you that we have favorite setups when we see two of our favorite time frames in confluence and then look to the smaller time frame to take our setup.
I personally use range and modified renko charts successfully.
I think you missed my post in completeness. This is what many refer to as confluence on multiple time frames.. See above. It seems you are indeed a successful trader already and therefore in a position to help others.
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Sooooo ... they interviewed every body who ever traded and asked how many hours they stared at a screen .... nobody called me ... anyone call you ...
96% of experts say 69% of expert studies are inaccurate .... but if they include their own studies in the group ... that means 69% of experts say 96% of expert studies are inaccurate ... but if they include their own studies in the group....
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
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