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I'm absolutely devastated, don't know where I'm heading now
Not all hedges need to equally negate your gains as much as they protect. Consider an options butterfly that has a 20:1 reward:risk ratio as an example of such hedging
Total risk <= 2%, may require more than 2% of capital.
Doesn't have to be automated if you're trading daily bars. But it does take work. I don't always trade all of these at the same time, depends on how active I want to be in the market.
Something had to have happened to you that from a winning trader you'd become a losing one. If you just react to the market then, even with market conditions changing you'd be winning. There is one problem I can see without knowing your circumstances and trading history; the US markets are propped up and do not reflect economic reality. It is an election year and the markets cannot be down for the incumbent president. It is possible that you were faked out by the short bias of many vis a vis bull run for no reason. Other than this look for some other event in your life that prompts you to self-sabotage or trade poorly.
I joined just an hour ago and I stumbled across this thread because recently, I have been in a similar situation, albeit I have only been trading for around 9 months and already joined the 91% gang.
I've been using Elliott Wave as my primary method, mashed with TA as my primary method. Learnt the hard way that trying to predict the market is probably the worst way of trading. Now looking to start trading real time using Order Flow, Volume and Price Action alone.
I've read through 80% of the posts on this thread and would just like to thank everyone for their time and advice!
Hello from spain.
I didnt read all the post on this thread sorry if im not saying new "ideas"
Bro if you want to be a succesfull trader dont give up.
My personal opinion is that your mistake is the psicology.
why?
Because your strategy are going well and you start losing a lot of trades and money
Why you dont stop and find what are the problem?
Maybe the problem are no the strategy
Maybe the problem are money management, you need to be prepared for a bad month, a bad months.
All the strateegies have bad months and horryble months but you need to bee prepared for that.
I read that your strategy are in trends, bro take advatange of this look for big wins and small loses.
If you have god money management and god control of risk and a god estrategy you dont need any more.
I saying what im thinking if this are not your problems find your mistakes and learn of the mistakes.
Thats all if you want to be a trader dont give up and learn about your mistakes.
This message is to help you as i can, I dont judge your trading.
I hope thats be helpful for you.
PD: Sorry for mi english, im still learning now.
That's why EWT remains a theory. I've seen it both work successfully and fail miserably.
Regarding order flow and volume: BE CAREFUL !
See attached. Note the bottom light blue chart. That indicator is a unique combination of inside bid volume minus inside ask volume and the net up volume minus the down volume. It does appear to lead price to some extent. However, it is extremely volatile and can produce many false signals....i.e. head fakes.
Good luck with your new approach.
