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Usually My trade size is upto 3 to 5 lots.
If Prize move to my favour 'll exit at predefined target and 'll close 3 lots, and rest of 2 lots 'll let to run upto the trend ends. Sometimes price may be reversed from my entry level, if this happens i 'll add 2 lots according to the price level along with existing 3 lots. Due to the average of trades most of the time i can exit with expected ticks.
Assume set of my entry rules @ exact reversal may be price move upto 25 ticks
2 What percentage of your account do you risk on average per trade?
Average Upto 5% to 6% risk level is comfort for my trading personality.
3 How big of a drawdown can you withstand considering question 2?
Average upto 10% risk, due to any unexpected news impact volatility.
4 How do you manage risk during the trade?
To be frank depends upon the market conditions.,and trading mentality of that particular day.Anyway I Prefer Very limited calculated risk level of trades.
5 How do you know when to stop trading for the day or week?
My expected target - 50 TO 80 Ticks/day
Per weak target - Approximately 400 Ticks
On my early trading days i never follow any rules for daily loss and target, But recent days i try to follow disciplined trading with set of rules.