Start of My Trading Journey: 1-minute Scalping of GBP/USD (only "W" pattern)

Today is the 1st of April 2021 and I've decided to start something special. The reason is that after over a 1.5 years of trading with demo accounts, in crypto and forex worlds, even programing trading bots, I still haven't found MY STRATEGY, which I would be satisfied with and follow 100%. That was until now. I've tried all the time frames and all strategies, read a million stuff on trading and realized that the most suitable strategy for me has to be something simple and that I can control the most. I also realized that I really need to know if my strategy is profitable the same day, not in weeks or months. That's why I actually always just trained on 1m timeframes as you get to see the widest variety of scenarios. I actually started to believe that a trader who trades only on 1h timeframes can lose years of training time to understand the charts in comparison to 1m-scalpers.

I'm pretty a maniac when I put my focus to something - I've been literarily 1m scalping GBP/USD all day, everyday over a year now on a demo account.

After seeing all the scenarios I can see that there are certain patterns with an extremely high win rate. I chose my most favorite one and that is "W" pattern. After trading over 20 trading pairs every day, I also realized that the secret of "FOCUS ON ONE THING" really applies to trading as well when it comes to the QUICKEST path to mastering. That's why I reduced also the amount of trading pairs I trade - actually I just trade 1 and that is GBP/USD. I chose this one because it has a nice price action from many aspects such as volatility, candle lengths, etc.

And what is the reason I started this steemit account? Well it's pretty simple. I realized that the second most important thing after the maximum FOCUS on a simple strategy, is the ability to actually REALLY follow the plan like a robot. A smallest deviation makes a huge difference in the profit/loss ratio. It's actually the hardest part of my trading so I figured that if I had to public all my everyday trades, I would be somehow forced not to try "this-and-that" trade out of my trading plan. I would actually really need to enter a trade only within my strict rules that I sum up at the end again.

I don't know if anybody will actually even see my posts here but if you do and you see a trade of mine that didn't follow the following rules, pls feel free to scold me. As I mentioned, even after over a year of "all-day-every-day scalping", I'm still such a noob that I cannot even breakeven. My dream is to one day be at least slightly profitable at the end of every week - simply be on the positive side of the balance sheet..

My Strategy:

• ma20 (blue line) is a simple moving average 20
• ma200 (red line) is a simple moving average 200
• I don't use any other indicators, just draw trendlines sometimes to help me with possible reverse points.
• I don't DCA (dollar cost average) and enter maximum 1 trade at a time.
• my Stop Loss is below the second leg of the 1m "W" that I entered.
• my Take Profit is from 5-10 pips. Basically my daily target is from $50 to $100, trading with 1 lot. Once reached $100, I don't trade anymore that day.

That's it. Simple as that. You're welcome to follow me on my journey. I'll try to post every day.

DISCLAIMER: I'm not a financial adviser and this is not a financial advise. Remember, most traders lose money.

Wishing you a great trading day,
Magnus Bestest