LIVEIf you are not profitable, trade the 1 minute chart.
I’ll explain why this will make you profitable faster than anything else.
Before you get triggered, read the entire post.
-Strategy
-Journaling
-Risk management
-Execution (psychology)
When you start out as a trader you are close to level 0 on all these skills.
🔶 Backtest
-Strategy: Slow
-Journaling: Slow
-Risk management: Fast
-Execution: Slow
Bad for strategy because it doesn’t take into account your lifestyle, available hours and real time interpretations of data (discretion).
Bad for journaling because it doesn’t use data live to improve your edge, also you’re missing half of journaling which is the emotional side.
It's the fastest way to learn foundational skills that transfer to all time frames.
What does it take to be profitable?
Execution is terrible because you do 0 execution of trades.
Very useful in addition to real trading, but limited on it's own.
🔶 HTF trading
-Strategy: Slow
-Journaling: Slow
-Risk management: Slow
-Execution: Slow
This is what a lot of people preach. They think it’s safe for some reason.
It’s exactly the same, it is just a slower way to lose money.
A slow liquidation is not better than a quick liquidation.
Many traders think they’re profitable with a small sample size of wins and only to lose large amounts later.
So the solution?
Trade the 1 minute.
You will experience a wide variety of events and emotions that would take you years on higher time frames.
Example;
The fear when you lose 7 trades in a row, the poor execution that comes with bad sleep, the greed when you enter a win streak for the first time
Go through multiple cycles of journaling and strategy development.
And you don’t need to lose a lot of money to learn.
Just trade with $100.
(If you don’t have $100 to lose you shouldn’t be trading anyway)
If you can’t develop a profitable system on lower time frames, you can't on the higher.
The higher time frames won’t make it easier, just make it take longer.
