Thursday, July 16, 2009


Ok Mr Big ...
Just to prove I actually have a plan ... from now on I will include profit targets when I enter trades.
A (brief) summary of my rules are:

All trades are 1% risk unless I use a lower stake, which I will state at the time of entry.
My goal is to trade daily trade setups on 4hr/1hr timeframes for better risk/reward.
I will bank half of daily trades at 3:1 unless I say so otherwise at the outset.
I will not enter trades where my expectation is less than 2:1
I will state targets for the balance of the trade at the time I enter them.
I will re-assess dibs trades at EOD in the light of the daily candle close if the trend looks like it might continue.
I will not move stops to breakeven, I will take profit to pay for my stops.
For longer term trades I will move my stops above hrly / 4hrly swing high / lows.
I will prepare for retracements and ride them out, Braveheart style :)
I will not chase the market, if I miss my entry I will leave it.
I won't always get it right but I will always keep trying.

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