This week has been good i have been focusing on talking only the best set ups and have come up with some rules to help me not blow up the account.
- Stratiges : TLB ,Flag , Pennet , (maybe) retracements after break outs // pull backs , RTG GTR , These stragys are combined with candle stick patterns half size?
- Position size : 10% of account size trying to risk 1-2% per trade
- trading options so you need to pay attention to the spread and the iv if its not good dont trade or look at the next experations
- Account Stop loss
- After 15% my postions are either cut in half or i can only take 2 trades a day
- After 30% account loss take a month off go back to paper trading and see what i did wrong come back fresh and re fill account im sure you will easly make 30% back
- After 4 red days in a row take the week off
- Only lose 2 times in a day 5% or 50$max day loss ( normaly after 2 Ls im break even or slightly down things land slide to the downside if i contuie to trade though)
- Still red after 2 weeks do nothing , still red after a month do nothing TRADE REVIEW / MONTH REVIEW
- Green days
- green 5% or 50$ or more on the account thats a wrap ur done for the day till you can show only a 5 red days in a month
- green on 2 weeks withdraw most of that money and reset account back to defualt size
- after agreen month try to add 1k till u hit 5k then we can re evaluate
- Time slots
- Only trading the first 2 hrs of market open preferably only 1 hr ?
- If you got work early u got 15-30 mins, or no trade day unless there is a premarket set up. things can change but as of now this is the rule.