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@Da_Prof1367 hey man! I’ve tried your wonderful indicators: the NUPL, LMACD and PCTR indicators on the BTC chart. can I ask you what you say is the best to use? they seem to perfectly predict bottom and top of every cycle 😯
Trading plan? The plan is to make money.
Trading journal? Journals are for high school girls and academics.
Trading psychology? The market is the best therapist.
Stop loss? How about start win instead?
A common TA approach is to start from higher time frames and work down to lower time frames for entries and execution.
For example: Monthly --> W1 --> D1 --> H1 --> M15/M5 etc.
Higher time frames give you the map, intermediate time frames add granularity, and lower time frames are used for entries (in the context of systems like these).
Problems arise if you forget that a setup is originally based on higher time frames.
For example: If you have a D1 setup and you enter it using the M15 for some extra 'precision', don't manage it on the M15 - it's still a D1 setup.
Doing so would be a category error: you're trying to derive trade management signals from your execution time frame.
It often ends up being very noisy. A daily/weekly setup can take days/weeks to play out - why manage it on a significantly lower time frame?
The job of the execution time frame is to execute, not to manage. Once it has done its job, move on.
For trade management, try to stick as closely as possible to the time frame of the original idea. Personally, I like to jump down one major time frame at most (D1 for W1 setups, H4 for D1 setups, and so on). Lots of discretion on this one.
Overall: time frame management will significantly improve your ability to hold trades and let your ideas play out, as opposed to neurotically PnL-watching and managing every single tick after your entry.
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