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Win Limit - Do you have one?
Started:September 21st, 2012 (01:52 PM) by Silver Dragon Views / Replies:1,096 / 10
Last Reply:November 16th, 2012 (08:05 AM) Attachments:0

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Win Limit - Do you have one?

Old November 16th, 2012, 08:05 AM   #11 (permalink)
Trading Apprentice
Indianapolis, IN
Futures Experience: Intermediate
Platform: North-American Derivatives Exchange
Broker/Data: Forexpros
Favorite Futures: forex binaries
lili's Avatar
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.

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