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Transcript
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What’s going on guys so before I get into the number one thing that has made me a more profitable Trader I want to let everybody know I stream live every day here on YouTube also if you want to support the channel use coupon code Cove Trader on all the prop firms it will automatically give you the biggest discount that’s out there everything’s in the description of the video so the one thing I found that is me the most um is literally
Reviewing and journaling my trades and I’m talking about the big ones that just you know that you do all the time and you don’t quite know if it’s working out for you or not um one of them for me was the 200 moving average when you hit so I play 200 moving average bounce a lot when we come back down something like this where we bounce off I usually play the first time of the day that it does it but one
Of the things that I was trading a lot was the rejection of the 200 and what I’ve noticed a lot of times is when we would come up from the bottom and hit the 200 if it rejected it was so small and then it would end up punching right through I would be getting almost um no money for it I would get stopped out for a loss I I’d probably say like 70% of the time but I kept thinking I was
Winning for whatever reason because I was so used to playing the 200 bounce you know look we come down we bounce off the 200 boom nice trade but then I would do something like this where we trade through and then we come up from the bottom hit the 200 and I would be like Oh I’m going to short that back down and sure enough we kind of don’t really move anywhere you go a couple points down and then next thing you
Know we’re grinding and then all of a sudden we popped through and I just took a big loss happens over and over and I noticed that I noticed I was doing the same thing with vwap I noticed I was doing a lot it was more shorting uh that was getting me in trouble than going long and I was just kind of journaling what was working and what wasn’t and then once I started putting it together I was like wow my win
Rate has been higher my payouts have been greater and then um just in general I I I trade less because I’m not looking for those trades I’m just it’s just a better situation and I just found like if you find yourself losing at the end of the week go back on some of the trades go back and be like oh I took you know this Pivot Point bounce and it was good okay that was a good one you know but then
I did I don’t know some other indicator that you have and you’re like oh man like you know what I did that a couple times and it wasn’t working for me and now that now that I come to really like now that I’m putting emphasis on it I really do think that that’s a bad trade and then the more you think about it you know you start looking at things like I look at the 15minute orb the the first hour of
Trading range um previous day high you know certain areas and then I create trades around these areas but if I notice something’s not working a lot I start journaling it either in my head by looking back at it or I’ll start actually putting it in a spreadsheet just saying hey these trades aren’t good um now that I’m really like looking at it this isn’t working and I need to change my strategy and that’s what you should do the end of the
Week is now now is a good time to scroll back and see how the week went for you if it was great you’re doing great amazing if you had a couple eh days look back and say hey was there a trade that I was taking that I noticed I wasn’t winning on a lot of the times and maybe I just take that trade out of uh of the repertoire just don’t don’t use it anymore um so that’s what you should do
That’s what I did and it helped me out a lot comment on the video let me know if this helps you out and hope to see you on the Stream
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