Transitioning from intraday to swing trading to focus on quality setups and simplify analysis.
Using longer-term timeframes (daily, 4-hour, and 2-hour) for analysis and trade entries.
Emphasizing the importance of mindset, focusing on reacting to the market rather than getting emotional and developing a strong trading psychology.
Deep dives
Trading Style: Transition from Intraday to Swing Trading
In the past, the speaker used to take around 16-30 trades per week, focusing on intraday trading. Now, the speaker has transitioned to swing trading, taking 1-2 trades per week.
Timeframe Analysis: Focus on Daily, 4-Hour, and 2-Hour Charts
The speaker primarily uses the daily, 4-hour, and 2-hour timeframes for analysis and trade entries. This approach allows for a longer-term perspective and simplifies the number of candles to analyze.
Trade Volume: Decreased to 1-3 Trades per Week
The speaker currently takes around 1-3 trades per week, focusing on quality setups based on longer-term trends. This decreased trade volume allows for better trade selection and management.
Risk-Reward Ratio: Targeting a Minimum of 1:3
The speaker aims for a minimum risk-reward ratio of 1:3, with a preference for larger ratios, such as 1:5 or 1:10. This ensures that potential profits outweigh potential losses and provides a favorable risk-reward profile.
Importance of not giving yourself a time limit in trading
One of the main pieces of advice Chris shares is to not give yourself a time limit on when you can succeed in trading. He emphasizes that it's important to refrain from setting expectations of becoming profitable within a certain timeframe. Instead, he suggests focusing on constant learning, trial and error, and staying committed to the process.
The significance of mindset and reacting to the market
Chris highlights the importance of having the right mindset in trading. He shares that he personally adopts a mindset of not caring about the outcome of individual trades and focusing on reacting to the market. He draws parallels between trading and sports, highlighting that athletes react instinctively based on the situation at hand, rather than getting emotional about every small setback. He stresses the importance of being level-headed, studying past mistakes, and continuously developing a strong trading psychology.
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