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14B: Describes why I have been loosing for 3 years
This video has been a perfect summary of why I have been loosing money for 3 years straight. Truely eye-opening.
I used to scalp counter trend with heikin-ashi bars. So I would wait for a strong trend and then enter into the opposite direction once the first bar had formed in the counter-trend direction. Of course, I did not manage my rare succesfull trades correctly, so both probability and R/R were stacked against me. However, I still had the occasional winner that convinced me to continue trading like that and loose even more money.
So, to any beginner reading this: Just listen to Al and don't do what I have been doing.
Even better, with this course I'm also starting to understand that I could be a countertrend scalper if I really wanted to. But for that, I'll have to trail my rare winner to maybe 10-20 times my initial risk to offset my 20% win rate.
I also can't believe how many "educators" recommend small stops for beginners and how R/R is truely indoctrinated in every book and youtube video, but probability is not even mentioned.