Leaderboard

1-6 to 1-10-20 What I did bad this week: Took my eyes off of one of my main stocks in play and missed one of my setups Chased a couple trades this week Left the Chat on and participated in a Chat group before 1000 last two days What I did good this week: My pre-market plans (IF/Thens) panned out Used L2 and T&S for adding along with patterns and MAs Feeling better about my in-trade management Getting better about trusting my entries when they present themselves Changes to be made this upcoming week: Make sure I only take PB#1, PB#2 or PB#3 trades Rules to stick by this upcoming Week: After I call it a day by either MAX Loss, Profit Target or what I am comfortable with, only use the rest of the day for Chat, Journal, Playbook ect. In-Trade and Daily Stops Do Not chase or revenge trade Make sure I only take PB#1, PB#2 or PB#3 trades Edit: Only one loosing trade before 1100 Challenges for myself this upcoming Week: No pre 5min trading Only A or better setups at time of trade No Voice Chat before 1000 Take a planned break at 1100 for other Bus. @ 0915 do some exercise and then meditate to calm myself Stay unbiased Notes: Rules are not to be broken, these will cost money every time My Challenges are almost as important as my Rules, Pay attention to them If I feel overtired I will try going back to bed and coming back to Trend Trades later.... Goals and Rewards: +10Rs or more at end of the month to consider trading with more size in the future two months +6R for the week

I like that when you recognized a setup that was not as good as you thought, you reduced your risk. I use this also when I feel price action is not as good as I thought it would be. And very nice on SIX ....

I can't remember where I heard this from, but it is what now guides my risk per trade. "If you can't grow your account risking $1, then how are you going to grow your account risking $100." That is why after about 10 months of trading live, I figured out that my risk per trade was not adding up with what my profit target goal for the day. I was looking to make $50 a day, but I was risking $30 per trade with a rule of trading a max of 3 trades within the day. As you can see, it makes no sense. I was willing to risk $90 within a day to make $50. Yeap, I was completely focused on the wrong thing and my math did not add up. So I changed it, I base my risk off a $5000 account as this is what BBT teaches is the minimum to trade with. The calculation of risking 1% of $5000 a day was $51 to make 2R or $102. Since, I am willing to take 3 trades within the day, my risk per trade is now $17 per trade. This has done wonders for my equity curve and even allowed me to survive a huge draw down when I introduced a new strategy in September. I recommend figuring out the math on what you are comfortable losing in a day and than figure out what to $risk per trade, so when everything goes wrong, you still are within your risk tolerance at the end of the day.