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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.
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.