I’m giving up on the whole predict the market TA deal. I’m woefully inaccurate and I don’t see that improving anytime soon. I’m going to use these ideas as a diary of trading strategies and how well or poorly I implement them with paper trading. Currently I am trying the squeeze momentum strategy using the Lazy Bear indicator.
I had a great four days where I followed the rules and was up by $280,000 fake money after 4 days trading (I rock!) and then the wheels came off. I did everything wrong, played hunches, doubling down on a falling position, not following the indicators, predicting patterns instead of waiting for them to appear, not putting in stops. pretty much everything the pros say don’t do and was down to -1 million in the red (I suck). I’m paying attention to the indicators again. Buying in at the suggested points of entry and not being super greedy and am back in black at 80,000 pretend profit.
That said, it looks like there is new support/resistance building around 7.6/8.3
Keep going, you are already doing better than most people in this game! I've lost real money trying to figure this out.. The good thing for me is that it was house/profit money but it still hurt. Hey send me the link of your practice exchange. Id like to practice on those too! Keep going and don't quit. Risk management is the key and set up a trading log journal. That's what i do. it helps me tremendously. I know exactly what i make or loose in every scalp trade!
Interested_Bystander
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@CryptoBuzzAnalyst, Hi there, I'm just using the built in paper trading that is a couple of tabs over from the pine editor. I don't know how realistic it is, it doesn't seem to factor in commissions and that sort of thing so I'd assume that real profits would be half of the indicated profits, maybe less?
@CryptoBuzzAnalyst, Yes, it shows up for me as a tab where you have 'Trading Panel' on your chart. Perhaps it is because I don't have any brokers linked yet?
YardleyRosette
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Congratulations then!
You do recognize pros tips, so its a start at your betterment.
Interested_Bystander
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@YardleyRosette, cheers. It's one of those 'I'm an expert after five minute reading' until experience says otherwise.