What do you do to stop overtrading / manage trades? | Psychology and Money Management


futures.io - futures trading strategies, market news, trading charts and platforms


Psychology and Money Management


This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader




 

What do you do to stop overtrading / manage trades?

  #70 (permalink)

Legendary Market Wizard
Dallas, TX
 
Trading Experience: Intermediate
Platform: NT, TS
Broker/Data: IB, Oanda
Favorite Futures: ES, MES, MNQ, MYM
 
kareem40's Avatar
 
Posts: 653 since May 2010
Thanks: 1,737 given, 864 received


Silver Dragon View Post
@Grantx

As I mentioned in my previous post, I am new to long term trading. coming up on a month on actual trading. My answers are based on what I know today. I will defer to @wldman for expert opinions.

I like to learn with real money. I decided to go with micro futures because of the number of instruments available. Currently I have 28 pairs in my trading universe.

Do you trade single or multiple instruments? Multiple . Most open positions I have had to this point is 7 different pairs.

Single or multiple setups? Multiple. Trend breaks, breakouts.

Are you all in or do you scale into and out of trades? At this point, all in.

How do you manage your risk? Right now my risk is limited, because I am trading micro forex. However, as I scale up I will be risking 1% of capital on any one trade.

Do you trade futures and options? Forex. Looking to add micro futures in the coming months. Looking at options as well.

How do you balance the technical vs sentiment conflict? i.e. are you more discretion or more mechanical? I am a discretionary trader. I look at price movement then factor in RSI movement to determine bull/bear trend. I look for reversals in the direction of the trend. I will take a counter trend trade if the setup is good.

Hope this helps.
Robert

Best of luck Robert. I look forward to seeing your trades this week.

K

Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to kareem40 for this post: