The Only Day Trading Strategy I Would Use If I Started Over

what do you think the best trading strategy is is it ICT smart money Concepts supply and demand order flow price action Fibonacci what's the best strategy and what strategy do you use in this video I want to explain in a raw unedited unscripted way of what I find to be the best trading strategy and the strategy that you all need to implement into your own trading to see a major difference so the first thing that I really want to dive deep into is regardless of the trading strategy that you use every individual Trader must develop a unique approach to their own style the way I look at the traders in the stock market is we are all unique in the sense of we are like the fingerprints on our hand right like my fingerprint will look similar to yours but my fingerprint will identify me as Carmine rosado in the same the same approach of the stock market you're going to have traders that Implement different strategies ICT Fibonacci support resistance right and what a lot of Traders do is they try to copy and paste a strategy in its entirety out of everybody that I know on Wall Street out of everybody that I know personally even including myself we've all developed a strategy like we've we've learned it somewhere right like you've learned ICT you've learned orderflow you've learned support and resistance you've learned different spreads right you've you've implemented other strategies but you've made it unique to yourself so the way I look at it is if you trade orderflow if I trade uh Supply demand combined with orderflow I don't look at it as I trade Supply demand and orderflow I look at it as I trade Carmine Rosado strategy what a lot of Traders do is they try to trade orderflow and it doesn't work out for them after one trade or two trades and they give up on the concept of orderflow or they try smart money Concepts they try it for a week maybe they had one or two good winning trades and then the rest were all losing traits but then they give it up without trying to debunk what was going wrong and without trying to scale it up because they made the mistake of using it in a very generic approach what I recommend everybody and even including myself like if you go back and look at all my setups it's very unique and I look for specific things that not a lot of people look for and that's the goal with trading is developing a unique approach and not being so generic a lot of Traders now with days and you know I was victim to this when I first started out trading was I was looking for generic ways to make money and anything worth wild you're not going to find being generic things that are very valuable you could look at homes being over a million dollars you could look at artwork right cars anything that's super valuable is not going to be generic it's going to be very unique because that uniqueness is what gives that item or the uniqueness is what gives that trading Str strategy it's value so if you learn hypothetically speaking ICT or orderflow or Supply Demand right don't try to copy the rules entirety of whoever the guy you just watched on YouTube was saying to do you need to develop it unique to your own approach which fits your personality so I'm a firm believer that you can make money with any single trading strategy it's not the strategy it's the trader so what you have to do and this is what I recommend if I had to go back and start over was I would have it in the back of my mind that I need to develop a unique strategy influenced by other things that I have learned so let's say you go and you learn how to use supply and demand combined with orderflow which is exactly how I treat right I'm going to learn from Carmine Rosado but I know Carmine Rosado has a unique personality and he's going to treade a little differently than I trade right it's not copying carine and Rosado it's not copying supply and demand and orderflow in its entirety it's developing his Concepts and adapting it to your own trading right like if you copy somebody if I go on Wall Street and copy somebody's trades or copy exactly why he buys and sells without putting an influence on risk management he might be the guy that makes money and I might be the guy that loses money why is that we all have different personalities and we all have this different riskmanagement parameters so that's why trying to copy and paste will never work out because not only do you you can't copy and paste emotional intelligence but you can't copy and paste risk parameters the guy on Wall Street might have a 50,000 or $50 million account he's trading with versus you you might be trading on A1 th000 account right so you have to compensate for emotions and you have to compensate for risk management which is why copy and paste trading will never work out and this is why making the strategy unique to you based off of your own unique self the fingerprint on your hand is going to be different than mine but they're going to be similar in a way that we could take influences and make them uh similar in the way that we can conform it to our own self and our own rules now how to develop this Edge number one is stick with the strategy for at least in my opinion you need a a numerous amount of Trades you can't do it for a day and give up on a strategy because you took a losing trade on it right you can't supply and demand or order flow for 3 days have one winning trade and three other losing trades and give up on it because you took losses right every strategy is going to have a loss what I recommend everybody to do is have at least a minimum of one to three months on a minimum of collecting data with a strategy right how are we going to collect data number one we need to journal hour trades we need to have a physical database we need to have concrete evidence whether it's writing on paper whether it's taking screenshots on our phone whether it's using a journaling platform on a computer we need to have a physical database that we can go back and reference to and say okay at 9:30 to 10:00 Eastern that's when I take the worst trades and when 11:00 to noon comes I'm trading better in the afternoon right we'll be able to dissect what not only the time the type of setup how our emotions were but we're just going to have a physical database that we can go back and reference to you cannot deny data data does not lie so if you're using a strategy for maybe a month right and you have a 5% uh win rate okay so now we have to look back at is it the strategy or is it my emotions what is it right and the only real way that we're going to be able to narrow it down is if we have physical evidence in front of our faces people try to skip this step and Traders try to try to avoid the whole journaling aspect and they think that they'll just be able to figure it out in their head they there's so many things that get processed on a subconscious level and by having a journal or having things in front of you will'll put subconscious Concepts on a conscious level and us being able to read subconscious things consciously will enable us to figure out what's not working what to stop doing more of and what to start doing a lot more of and scaling it up so besides journaling this is how you develop your Edge right you cannot develop your Edge you can't build a house with without a solid foundation a house what first gets built when you build a new home is the foundation right then you build everything around it you you frame the house you do the siding you do the roof right you do everything inside but most importantly the first thing that gets done is the foundation of the house and look at journaling or look at collecting data as the foundation and an edge or a house cannot be built without a strong foundation and the foundation to your trading is a solid strategy that you can go back and repeat consistently on a daily basis and the only way we can do this is through journaling and being conscious of our subconscious actions and our subconscious thoughts it's all about putting the conscious together and this is how we develop our Edge through trial and error through screen time through having losing trades and learning from those losses the best trades you're going to ever take in your journey especially when you're beginning and and trying to build a system the best trades you will ever take are your losing ones so when you lose you need to implement proper risk management that way you could absorb the losses and be okay with losing yet still take a lesson out of it I made a video on this before about how I win 100% of the time and it's not clickbait it's not me lying like you can win 100% of the time if you take a losing trade and you take something out of it while you are managing your risk I may not profit all the time I may not take money out of the market 100% of the time but I look at losing trades as wins if I learn something and I take something out of it and the only way we can do that is implementing proper risk management so risk management and Edge development are kind of synonymous because if you don't Implement proper risk management while you're developing and building your Edge then that's when you're going to deplete your account faster and it's just going to be just a slow burn or a big cut a small cut that turns into a bigger cut uh so risk management and Edge building are synonymous that when you're building your edges and when you're building your system you need to implement proper risk management that way you can collect a database of 50 trades 100 trades that way when you do lose you're not losing a lot because you're implementing that proper risk management system so regardless of trading strategy regardless of building your Edge risk management in my opinion especially once the edge is built is the most important trading strategy that you could use it's not Carmine Rosado strategy it's not order it's not supply demand price action it's your risk management system because without risk management we're not Traders we're not in the business to be correct all the time in fact when people ask me what do I do for a living I tell them I'm a risk manager I never tell them I'm a Trader they say hey Carmon you know what do you what do you do for a living I'm a risk manager I'm in the business to manage risk so not only developing your Edge you have to manage your risk but when you have that edge you also have to manage your risk because you're going to have those losing trades there's times where I'll take three four five losing trades in a row right but if you implement proper risk management let's say your losses are 500 bucks 1,000 bucks if you implement proper risk management coupled with a solid trading strategy three losses five losses are not going to mean anything compared to one two wins right and that's why risk management is the number one important aspect because it will keep us in this game for longevity we are in this game to be here for a while right and the only way we're going to be here to stay is if we protect losses when we are incorrect so for me and a lot of people may disagree with this and I'm totally up for discussion I find the risk management to to be maybe 51% of trading and a trading strategy being 49% of of successful trading right strategy is very important but I find risk management to be a little more important than a strategy itself now some might argue with that that if you don't have a strategy no risk management will save you and that's correct but the only way you're going to be able to develop a trading strategy and learn through trial and error is actually having real skin in the game right and when you don't have a strategy you're especially going to lose a lot more right but the only thing that will keep you there is the risk management and that's why I've made risk management 51% and trading Edge or building a system at 49% right I find risk management to be way more important than a trading Edge or a trading system and uh if if you can focus on that whether you're in the stages of developing an edge whether you're in the stages of you have an edge but your losses are a lot higher um you know we're not in the business to be correct in fact this month I have a 45% win rate which people would look and say hey he has under a 50% win rate you know he he doesn't know what he's doing but if you look at my average losses to my average wins my average losses are nothing compared to my wins and that's how I like positioning myself right so regardless of strategy Supply demand ICT smart money Concepts if you can Implement proper risk management you can afford to be incorrect more than you are correct yet still come out green and yet still come out profitable and that's try how how I try to position myself is I try to not say that I want to be incorrect but I don't mind losing anymore and I've accepted it because I know it's a business expense I know it's a part of the game but I'm not fearful of of taking a setup that I lose out on because I know my next winning trade will completely outweigh two or three losing trades if I Implement proper risk management um so that's pretty much all I have if you have any questions if you have any comments let me know down below if you got any value out of this subscribe to my channel and uh I will see you all in the next one

Channel: Carmine Rosato

Views: 18,047

Keywords: carmine rosato, supply and demand, ricky gutierrez, learn plan profit, ross cameron, warrior trading, tim sykes, day trading, stocks, stock market, day trading recap, trading recap, thinkorswim, tdameritrade

Id: 4eBV_OwsJ6Y

Length: 13min 16sec (796 seconds)

Published: Sat May 11 2024