Way to go, absence of drama in your world cause we all know that massively mucks up your trading. I don't per se have a loss limit, but if I get three losses in a row, I am done for the day. Since I average down at each price level, this amount is rather like I walk in a trance for a few days and takes weeks/several weeks to make it all up, although I feel like a brick hit me, next day I am there forcing myself to go what I do. When you are relaxed, calm, your brain can think of harmony. Way to go, nice to finish week on up note.
the PLAN So I am moving forward still with trying out with topsteptrader... scheduled to start a combine on Tuesday, March 31st... profit target is $3500. Here is the plan: 1) Daily loss limit of $400... I hit this area, I shut it down for the day. rationale: This will shut me down before I dig a hole I won't get out of. 2) Fixed stops and take profits. I put the trade on, and I don't make any adjustments after that except for rule #3. Checkmark. rationale: The best thinking I can do is before the trade is put on. 3) Time stop - If in a trade for more than 15 minutes, I can close it out, or make any adjustments required. Such as stop to breakeven plus 1. (My average winning trades are less than 5 minutes) rationale: This will take me out of a trade that is going nowhere. 4) All trades I take must have a profit target at least double the risk I take, or I don't take the trade. Checkmark. rationale: This fits with my methodology, and I want to push expectancy to my side as much as possible 5) Every day, I only trade if I am mentally prepared and focused. If my X pisses me off, I don't even demo trade. Even demo trading has to be with my rules. Either I trade to plan on everything I do, or I don't trade. rationale: Correct trading behavior in all actions. What I hope to accomplish: Going into April and May, life is going to be very busy for me, but I don't want to stop this journey of trading. I want to step into the market and make widgets. I want to practice consistent repeatable trading behavior. Whenever this finishes, I want to be able to look back and say... yes, every trade I did the correct thing and stuck with my rules... now there is the results. Thanks everyone for your support, encouragement, and occasional slap upside the head.
I think your approach is way off the mark. 1) Agree. The market is limitless, you got to set some limits for your interaction with it. 2) Once you are in the trade, price is moving, constantly giving you new information you did not have 2 seconds ago. Make use of it. 3) So you plan to sit down and be right on both direction AND time? 4) The market does not care about your profit target. It is something you are making up in your head. Leave that one out. 5) If you have issues outside of trading, solve them first. H.
Thanks @Redneck Very true.... Let me rephrase that correctly.... WHAT I WILL ACCOMPLISH IS STICKING TO MY PREDEFINED TRADING RULES AND METHODOLOGY.
Hope you are doing well. Are you recovering from treatments when we notice fewer postings or do you do more here to pass the time recuperating?