Win Limit - Do you have one?
|November 16th, 2012, 08:05 AM||#11 (permalink)|
Futures Experience: Intermediate
Platform: North-American Derivatives Exchange
Favorite Futures: forex binaries
Posts: 38 since Nov 2012
Thanks: 14 given, 21 received
OK, after (I hope) reaching stage 3 of the trader's life cycle (conciously competent) I realize that my biggest/only obstacle is myself.
When I loose my "cool", I will loose my trades.
So I set myself a few rules and stick with them:
1. time limit. I stop trading when my lunch break is over, no more than one hour per day.
2. number of transactions/trades. Never more than 3 per day.
3. loss limit. If I loose 2% of my capital, I stop immediately for that day.
4. profit limit. If I win 5% of my capital, I stop immediately for that day.
For me it's all about controlling my emotions - and the rules are helping me do that.