How to never get an account wiped out?

Quote from gg12:

I am counting and measuring waves (using grids). Normally there are 3 pushes from bottom to top and vice versa. The most powerful one is often the 2nd wave. I am also looking at support and resistance levels.
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That's why you buy first pull back, or sell first reaction...

Quote from gg12:


I don't use a professional backtesting programm yet (maybe to come...). I am doing my analysis manually and use often a spreadsheet. Key is as you say the right risk and rewards ratio (profit target and stop losses).
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With backtest, you can find a tighter stop or a more profitable profit target. You will surely find it useful..
 
I need to focus more with psychological issues. If I am winning on a specifiy day I am trying to max out the gains. If I am loosing I am trying to make all back at the same day (which more often than not turns out to be a big minus day).

02/12/07 +20.6%
02/13/07 -42.8%
 
02/14/07 +14.5%

About 10% have been made in the first part of my trading session yesterday.

The big DD on tuesday could have been avoided by stopping trading at a specific minus point or after a negative trading result series or after taking a long break.

One trade can influence the next trade. Past emotions influence future emotions.
 
02/19/07 +54.4% (trading on non-US-market)

I am at 66.95% of my initial bankroll since I lost big at the start.
Next target is to get back to 100%.

The target is to achieve 2% profit vs. the account balance each and every trading day.
 
02/20/07 +14.7%
02/21/07 +14.3%
02/22/07 +10.9%

Account is at 97.26% of initial payroll.
Average growth is 4.2% since 36 days.
 
02/23/07 +13.8%

I am at 110.82% of my initial payroll making money!
I averaged 4.5% per day (sample size 37).
Maximal taken risk was ca. 40% of the account today.
 
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