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Does anyone know a solution to this? Maybe an Indicator or something like that? Sometimes im struggling to follow my rules too and get burnt. Unfortunately the Risk-Parameters on NT cant be applied on Live-Accounts
bobwest
Western Florida
Site Moderator
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,172 since Jan 2013
Thanks Given: 57,515
Thanks Received: 26,292
Something that has worked well for me is to trade one (1) contract. I think that if a person can trade one contract and do well with it, then they can perhaps start with two.
There are trading styles that involve scaling in and out, changing your size based on what is happening, and my little rule won't work for those. But I have observed that many (most) who scale their positions don't end up doing too well, for the reasons that everyone has who has too large a position.
So my suggestion on how to limit the risk of a too-large position is never to have one. If you are good trading just one, then you probably have the other issues of trading down well enough to try two, and so on. But trading is hard enough without also having the issues of too-high risk from a too-large position, or the mental issues of wanting to make it big with big size, when the other issues of trading still need work. Minimize what you have to work on.
So that's my suggestion. No sense having to struggle with too many things at one time.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
