Hello Everyone,
I wanted to start a post for anyone planning to go live in November, or who has recently gone live in the past 30 days. I feel that sharing our trading experiences with others who are in the same place in their trading journey can be extremely helpful.
After reading Andrew's books, listening to the classes, psychology rants by Robert, and lifetime webinars, I believe stating your goals, risk controls, and allowing yourself to be held accountable is vital to getting through the learning curve without completely blowing up your account.
So in an effort to hold myself accountable, below is my plan for the 1st month along with the goals and risk controls to help me get through it.
Live Date – November 5, 2018. I can’t trade November 1 or 2.
Share Size – 100
Daily Goal – $20 (1/5 of my planned daily goal once I make it through the learning curve).
Daily Max loss – $60 ($20 per trade)
Goals for the Month 1
1. Do not blow up my account
2. Have a 2:1 ratio at the end of the month with average winning trade versus average losing trade
3. Have above a 60% average win rate
4. Daily goal is a metric to measure profit taking plan efficiency, not an amount to hit every day
Risk Controls in Place for Month 1
1. Max loss: 100
2. Max Shares traded in a day: 800
Trading Methodology for Share Size Increase/Decrease
1. Increase share size by 50 shares every time I trade 5 consecutive days green
2. Decrease share size by 50 shares every time I trade 3 consecutive days red
3. After 3 consecutive days red, return to sim until 3 consecutive days green
4. If max loss is hit for any reason other than internet connectivity issues return to sim for the remainder of the month.
5. If max shares reached, return to sim for the remainder of the week.
Looking forward to beginning the journey of live trading and tackling the infamous learning curve with some other traders. It would be great to see who else is going live and develop a support group. Thank you!