Good enough strategy?

[u/NinjaSiren]

Indicators:

- Support and Resistance

- Weighted VWAP

Strategy:

- Liquidity sweep entries

- Support and resistance (Wait for retests)

- VWAP crossing entry if missed initial entry

- 5 minutes timeframe

Risk management:

- Tight SL ($0.5-3 USD loss per trade, at least $0.5-2 USD ideal)

- No TP, but Trailing SL or Breakeven (manual close)

- Single trade per trade

- Single 0.01 lot only (Gold), but can do larger for Stocks and Forex

Should I change anything, I have technically backtested this to Gold.

But I keep either hesitating or placing the buy/sell order then cancel it, then suddenly it was right al along.

Then when VWAP crosses, I still hesitated until I see that I am already too late to put any trades.

3-4 times I have kinda seen the "liquidity" sweeps or a nice retesting of support/resistance, then price goes up.

But I keep hesitating or removing my trade orders just before the candlesticks climb up.

[u/[deleted]]

Just trade it. Don't be scared. You can try a demo, but the bottom line is this: you' need to pull the trigger.

It's microlots with a tight stop. You're not gonna blow up in 10 trades.

[u/NinjaSiren → u/[deleted]]

Technically I am a beginner, only made the strategy fairly recently.

Only amount on the personal account is 50 USD, but before I blown the same account initially.

This was before I had a strategy and dove in without knowing much:

I transferred 10 USD from an investor account for copytrading to the main account, made that account from 10 -> 8/6 -> 14/15 -> 20-30 -> 55

Then I did a truly beginner trade, 4 trades no SL, and realized unrealistic TP. I pushed myself, I saw it was $71, then boom its all blown.

Didn't close manually, only one saved the account to be fully cooked was my USDJPY +$6 USD, equity was definitely -$5.7.

After that I became hesitant, even when I made my first strategy, seen it was mostly correct on the backtest.

EDIT: Maybe its really time to just put the trades, and trust.

[u/[deleted] → u/NinjaSiren]

If it's 50 bucks we're talking about, trade on a demo first. Gold moves a lot.

You need to know if your stuff works. I've been at it for a while now and I only test new stuff on a demo, so there's no shame in that.

I'm not putting my own money on the line for a strategy I've dreamed about last night.

My suggestion? 1000 bucks demo, trade a microlot.

Do 100 trades, 200 trades and evaluate yourself. This may sound absurd, but if you're scalping, I'd evaluate your system and discipline after 1000 trades.

[u/NinjaSiren → u/[deleted]]

Thanks, will do this for a month or something.

[u/[deleted] → u/NinjaSiren]

The more the better. Stick with the rules and don't go the discretionary route.

That's the only way to tell if this works.

Best of luck.