I'll be managing my money using a 5% var limit, but resetting quarterly- so at times this may lag and turn into a slightly smaller or larger amount. I know this is an aggressive management system, but had I been using it the last 5 years my largest drawdown would have been 30% (and I'm completely comfortable with that since I don't have my entire savings in my "trading account" and if I lose my entire balance I can wire over a new "buy-in" if you will).
In general my s/l will simply be hit when I cross -5% for the day on my total positions, but I never generate a s/l individually for trades as I enter them. I always fade losers, hopefully setting myself up for a situation where I have three bullets per position and look for any opportunity to take a winner. Based on my willingness to lose 5%, my profit targets for the day are in general 1.75%+, because I hit my loss frequently enough that if I allow myself leave days only up 1% I lose over the long run.
My goal will be 3-6 positions per day, with each one have the 3 bullets I referred to before, so on most days I'll actually be entering into at least 10 total trades. Next step right now though I think will be locating a brokerage account. I've used both Senex and Advantage futures in the past and had great experiences with either, I just have to look around and see where I can get the best commission rates these days, and likely will use X-Trader- so I need that compatibility anywhere.
