I’ll keep this one as brief as possible, to share my thoughts from experiences (personally and from coaching others) regarding trading frequency …
A good trade (one that is planned, with an R:R of 5+) will always present itself within:
A bad trade (one without planning or pre-determined targets; or within risk tolerance) will always present itself every 1 bar: that is every new bar, completed or not, will offer a bad trade.
How do we determine X for good trades?
X is computed with due consideration to all the above. If you trade the one-minute chart, it seldom takes longer than half a session to find at least one good trade; often within the first 30 minutes of a session opening. On the hourly timeframe, it will rarely be longer than a week; often much less.
Fear Of Missing Out, the discipline killer, encourages most of us traders, to pick the bad trades; thereby testing what we know to be right and what’s in our plans.
Evidently there is zero need for bad trades when you know there will always be a good trade within X bars; you just need to sit on your hands until it presents itself.
Less is usually more, when it comes to opening trades, moving stop losses and taking partial profits.
Can you wait for X bars to improve your success ratio and increase your trading returns?