Does your trading plan allow for a maximum daily loss, or coincidentally a maximum daily profit target? Not every day can be a winner, it is crucial to minimize risk and losses so that no matter what the cause for an off day you can minimize the negative impact.
Can you help answer these questions from other members on futures io?
No, I do not have any daily trading limits. I just trade the signals I see. Usually not many except for these past two days.
I have tried setting daily limits and it hampered my trading. I would be a lot more conservative if I had lost on my first trade or second guess myself to the point I would miss good trades and then start taking trades to catch up. I have taken a course to help me deal with such things since then so it may be a good idea to see how I would react now.
I will be revamping my rules this weekend and begin using it next week. The one thing I will start utilizing are daily goals both in profits and losses. Other than that I will review the rest of the month, weeks to see what else may need to be tuned. The first half of the month was going along great...then seems I hit a wall of something!!! I need to figure out what that was.
I will also be adding VMWare so that will be interesting.
Hi Caprica,
Revamping might have been too harsh of a word to use. All I really did is review this past months journal to see if there was anything that may have effected my trading this past week and to also keep my losses low.
Regards, NMTrader
Thanks for the heads up!
