A first pattern is formed on an MTJ stack as a first array of first parallel bands. A first ion beam etching is performed on the MTJ stack using the first pattern wherein a tilt between an ion beam source and the substrate is maintained such that a horizontal component of the ion beam is parallel to the first parallel bands and the substrate is not rotated. Thereafter, a second pattern is formed on the MTJ stack as a second array of parallel bands wherein the second parallel bands are perpendicular to the first parallel bands. A second ion beam etching is performed using the second pattern wherein a tilt between an ion beam source and the substrate is maintained such that a horizontal component of the ion beam is parallel to the second parallel bands and wherein the substrate is not rotated to complete formation of the MTJ structure.