This post has been edited by Joe A best trading plan should include 1) Rules 2) setup 3) entry 4) exit criteria 5) stop-loss 6) Risk management and and and what else? Thats I need from YOU. Thank you very much for your precise time in advance. (((((((((((((The original post))))))))))))))))) I have just registered and here is my first thread/post. Since last few years, I have been lurking here and reading almost all the threads. Some of them are very good, most of them are just ok and rest of them are just for fun. I will not shy to accept that I am not a successful trader yet, but I am trying to be. The other things I need to confess that I have not yet learned from my previous mistakes and keep blowing my accounts for the same reason. But from today, everything is past for me, I have learned again big lesson on this weekend and I promise myself that this is last lesson. Now I will do everything according to the rules and regulation and I will follow them. I need to make very simple trading plan, and to do that I need help from 'you'. YOU = positive person with positive attitude plus positive input. I will also accept negative input if it is from positive person and if it will give me something to correct myself. A best trading plan should include 1) Rules 2) setup 3) entry 4) exit criteria 5) stop-loss 6) Risk management and and and what else? Thats I need from YOU. Thank you very much for your precise time in advance.
Why don't you make the trading plan first, and then post it here. Then we will be able to help you if there is any need of that. How much did you lost this time? :eek:
I will be constructive this time. If you can just take this simple idea, you will be ahead of many traders, yet very few will act upon it, beacuse of greed. 3 lot (2 is the minimum) What ever signal you are using to enter the trade follw this. If you are trading a two lot, you have a resting MIT order $75-$100 above entry to exit one lot and immediately place your remaining contracts at break even point or entry point. If you are trading a three lot, you have a resting MIT order $75-$100 above entry to exit two lots and immediately place your remaining contracts at break even point or entry point. 'You will be stopped out many times, however it will prevent you from taking huge loses and when the market does take off, you will be there. Many traders tell me, shit man, it doesn't work, but greed is what stops a man from making it. Most traders dream of earning their billions, but few concentrate on their actual cost of opetration. I
Sure, I am in the process of making a trading plan and I will let u know if it is possible to post it here or not. Last week My account was wiped out $44800.00 It was my mistake, I was just keep holding that fed will cut rate very soon, but they were late 1 day. I made 19300 in last 3 months by hit and run scalping but lost all of them plus capital within 3-4 days. It is my problem that I made money 2-3 months consistantly but in next month I lost everything, and this was not first time but I guarantee you that it is last time.
Thank you very much for your positive input. Definately I will consider your startagy in my trading plan and " I will constructive this time."