When I first met Gary Langley (aka The Scruffy Trader) I expected to see, firstly, a messy price chart, secondly, lots of indicators and, thirdly, a highly discretionary approach.
Much to my dismay, Gary’s approach is quite the opposite. A very mechanical approach that revealed only one element that (at first glance) would come across as anything you could consider “scruffy”. And upon further revelations I discovered it wasn’t a mess at all, but instead held the gems to Gary’s success as a full time trader.
Be sure to watch the charting video after the interview. It holds the details to Gary’s trading strategy, and how he uses a spreadsheet to find the easiest markets to trade for the day.
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Scruffy’s Trading Strategy
[11:31] The price itself is what you want to be paying attention to because price is your best indicator.
[15:10] Manage your trade properly, calm yourself down, and also size appropriately as well.
[25:57] It’s all down to your trade management and your trade needs to be right in the first place before you enter it.
[29:50] Don’t look at your P&L. You follow what you try to achieve. Follow your process, target accordingly, and you’ll be fine.
[30:47] The mindset is probably the biggest battleground you’ll have with the charts.
[39:28] Ultimately the price will do three things, it’s either going up, it’s going down, or it’s going nowhere.
[47:23] Levels are the key to everything. If you get that right on your chart, the rest of it falls into place.
[50:22] Less is more. Never overtrade. Look for one, two good trades a day and you’ll be fine.