- I will vow to know my risk=> before and after entry
But what is my risk?
- This will be based on the setup & entry.
I will risk 1-3% per trade on a normal day-to-day basis. In addition my risk rewardmust always be better than 1:1. daily limit will be 4-5% and weekly limit will be 10%
- Daily limit will be 3% and a weekly limit of 9-10%.
- once the weekly limit is hit there is no more trading until the following week. (a trading week starts Wednesday and ends Tuesday.)
If I consistently bring positive profit for 10 days I can double my risk per trade for the week but continue keeping the same 5% a day limit and 10% a week limit
So how will I get the correct lot size? I made an application in visual studio which will calculate my risk based on lot size (Pip Stop LOSS) or Stop loss (Lot size). example below: This application must be used religiously & with every trade . By doing this I can realize my risk & become more comfortable taking the trade… For pending, only 0.5% risk no matter how good the opportunity looks.
6PM – 9:45PMNY
6PM – 10:15PM
My Trading week will start Wednesday and end Tuesday.
This will reduce cheating on the Thursday if I do Sunday to Fridays.
MUST NOT NEVER DO
- Not go over that 5% (daily hard limit)
- not open total lots equal to account size * 0.0003
- IE: 1000 account means my day lot size can only equate to 0.30. this means I can open 3 x 0.1 or 2×0.15s.
- Trade pairs outside of the plan
- Trade News on Phone.(its hard to keep emotion out of it and focus)
IF THESE RULES ARE BROKEN THEN I WILL NOT TRADE until the start of the next trade week or the week after. (Wednesday – Tuesday)
REVISED – OCTOBER 22ND