Masterful
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The aim of this Journal is to ensure discipline in a highly discretionary trading strategy. The hardest part of this strategy is often the exit. It has made money historically (for a few years) but involves wide swings due to poor risk management this is the part I need to iron out. It is a strategy which generally holds positions for between a few hours and several days.
In order to encourage discipline I aim to post trades and periodically back this up with screen shots of trade history/account balance.
Risk Management:
Max Risk Per Trade - 6%
Max Risk Per Day - 12%
Strategy Outline:
Entries: Based on many factors using discretion - reasons to be given per trade.
Exits: I will hold the trade until one of the following conditions are met:
- A target price is reached
- A stop loss amount is hit
- The rationale for entering the trade is no longer there
- Conditions have changed and perception of the market is no longer in the direction of the trade.
Stops: Based on technical levels or max risk, using automated stops where appropriate.
Starting Balance:
In order to encourage discipline I aim to post trades and periodically back this up with screen shots of trade history/account balance.
Risk Management:
Max Risk Per Trade - 6%
Max Risk Per Day - 12%
Strategy Outline:
Entries: Based on many factors using discretion - reasons to be given per trade.
Exits: I will hold the trade until one of the following conditions are met:
- A target price is reached
- A stop loss amount is hit
- The rationale for entering the trade is no longer there
- Conditions have changed and perception of the market is no longer in the direction of the trade.
Stops: Based on technical levels or max risk, using automated stops where appropriate.
Starting Balance:
