Goals: - Really want to ensure I can trade out the entire day. Last time I got back into trading I had sometimes met my max drawdown before 10:00 and often before 10:30. This meant that I missed a lot of potential progress. If I hit max drawdown after trading the entire day it is completely different to hitting it in the first half hour.
This will be done by limiting the frequency of trades and following max size/loss rules.
- Stop-loss to be set for each trade immediately upon entry. To be honest this won't make much of a difference for this week; but it is a habit I want to build.
Max Loss for Day: $150
Max Loss for Individual Trade: $25
Max Size: 100 shares across all stocks $2+
Methodology: - Don't want to be too focused on waiting for confirmation.
- Follow methodology detailed in different/earlier post.
- Wide stop-losses to maximise probability of success (help confidence).
- Take profit quickly (to lock in winners and build confidence).
- Focus on excellent entry. This goes hand in hand with don't wait too much for confirmation.
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