Nictrades trading Rules
Rules
Just to prove I actually have a plan ... from now on I will include profit targets when I enter trades.
A (brief) summary of my rules are:
All trades are 1% risk unless I use a lower stake, which I will state at the time of entry.
My goal is to trade daily trade setups on 4hr/1hr timeframes for better risk/reward.
I will bank half of daily trades at 3:1 unless I say so otherwise at the outset.
I will not enter trades where my expectation is less than 2:1
I will state targets for the balance of the trade at the time I enter them.
I will re-assess dibs trades at EOD in the light of the daily candle close if the trend looks like it might continue.
I will not move stops to breakeven, I will take profit to pay for my stops.
For longer term trades I will move my stops above hrly / 4hrly swing high / lows.
I will prepare for retracements and ride them out, Braveheart style :)
I will not chase the market, if I miss my entry I will leave it.
I won't always get it right but I will always keep trying.
10 May 2012 Live trading
Market is dead. Low volatility..less then 100 pips.
It's hard to trade in this environment.
Made 2 trades today.
In first trade i've made a little mistake, while moving my stop too far, actually for 12 pips, not 10.
Also missed nice trades today.
09 May 2012 Live trading
Today i made 5 BE trades) Like a record.
I moved stop losses too quickly and entered not systematic setups (like momentum market entries)
Slow day today.
Result 0
08 May 2012 Live trading
Today i made 1 bad trade( not according to rules)
Second trade was good, but i was stopped out.
-2R today
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