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My number one priority is to protect my capital. I frequently move my stops to breakeven after the trade has moved in my direction. To my way of thinking, I now have a risk free trade. It in no way keeps me from having extended gains. Do I have trades that get stopped at breakeven then go on to...

When you become a successful trader you will realize the truth in those words

Don't turn a trade into an investment to avoid a loss.

I believe you can configure IB so that you have to verify your order before it is transmitted.

I measure my risk differently. I consider my risk to be the amount I could lose if the trade hit my stop loss point. I balance my risk by only risking less than 1% of my capital on any one trade.

How do you determine the percentage of risk?

Take the emotion out of trading. No emotion means you could follow your plan to the letter. Nothing to be afraid of, no greed clouding your judgement, you wouldn't be concerned about being right or looking stupid and you wouldn't care when you lost a little or what the market did after you...

I use an Excel spreadsheet to do the same calculation. I also include the target price and calculate the risk reward for the trade. This allows me to chose the best R:R if I have several set ups show up on my scans.

Buy when your system gives you a signal. If the trade goes against you, your system should have an exit plan that keeps your loss to a minimum.

You shouldn’t expect a mentor to show you a method. You should expect a mentor to guide you through the process of finding and developing a system that suites you. Too many people are looking to copy a method that may not be appropriate for them.

That's an excellent goal. :)

Looking forward to your journal. Is your plan a written plan? Rather than post how much you won or lost you should post whether you followed your plan or not. Record the emotions that cause you to not follow your plan. You will not only help yourself but also give insight to other traders.

What else is there to say. Definition of insanity: Doing the same thing over and over and expecting different results.

I see that now. Thanks

This sounds good. Like you said try it by taking demo trades and see if it works out. I draw a trend line on a 5 minute chart and take a trade in the direction of the trend when price hits the trend line. I'm wrong more than I'm right but every so often I get a good move in my direction.

My email notifications no longer take me to the last post read.

1. Anything can happen. 2. You don’t need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of...

You will be surprised at how easy trading becomes once you write down your rules. You will also be surprised at how long it will take you to come up with the rules. :) If/Then type of scenarios. If price does this / Then I will do this. Then paper trade and you'll find out if the strategy...

Pretty much. You use paper trading to find out if your strategy is viable. You should have a set of rules that you follow. You will also find out if you can follow your own rules. If you can’t follow your own rules you will eventually crash and burn. Paper trade with the same amount...