[amswak]

Originally Posted by mule1976 »

Hello all,

Money Management

1. My daily goal will be $1.5 per share a day, and daily loss limit will be $0.70 per share a day.

Is $1.5 per share per day an aggressive target (or not) for what you are trading? Do you ever vary this based on what the volatility and size of recent movement are in your trading time frames? I try to look at what to range of recent movements have been for a given security and adjust the size of my positions, profit targets, and stops accordingly for this.

[rxs0005]

There is another name for this pattern

"Getevenitis"

The simple solution to this is :

Remember you are not competing with any one

Use sell stops and adhere to it

The key in this Profession is GET RICH SLOW!! and cautious

you can wipe out all your winning streak in one trade

Be patient and let winners run cut u r losses FAST there will be other trade opportunities even in the next 5 minutes

Analyze your entries and back test them

and the most important thing to keep in mind "PROTECT YOUR CAPITAL"

if u make 0$ on a day its still a WIN !

hope it helps

rxs0005

[Uli Schmuli]

You need a trading plan. What you have provided is not enough detail to be considered a trading plan. Here are some elements that should be included in your trading plan:

Defines The Trend (many ways to do this)
Defines Trade Setups (Which markets, which charts, which indicators)
Defines Entry Triggers (If a setup is present, when EXACTLY do you enter?)
Defines Money Management Techniques (Share size, scaling in, scaling out)
Defines Your EDGE
Defines Targets (both price and S/R areas)
Defines Stops (both protective and profit-locking)
Defines Exit Conditions (if targets aren't hit)
Identifies Times & Days Of Week (when to stay out)

[Kiwi]

I'm with Uli. You need to do what he states at a very specific level. You can summarize it down to a page but the specifics need to be somewhere other than floating in your head.

I write software and find that when I try to automate any part of a trading strategy I have NEVER been specific enough in my initial descriptions.

Two other documents will help.

1. Draw up a specific checklist for every trade (I have one for stalking/capture and one for management).

2. Draw up a list or mindmap of your errors perhaps grouped by when in a trade they might occur. Include the thinking you notice before any error. Include ideas for negating them.

These two documents need to be actively used and amended to be most helpful.