Interesting! actually I have discipline issues now. can you guide me and help me to get over it?
Risk management techniques
- Thread starter Lee-me
- Start date
Interesting! actually I have discipline issues now. can you guide me and help me to get over it?
Do you have a written plan?
My preferred method of risk management is setting Stop-Loss and Take profit.
Not really. How should I start?
Using SL and TP is a fundamental and important principle in trading.
What are you trading? And how? Day trading? Swing trading? Or something else?
Write down how you are going to trade.
It's a manual to guide someone else how to trade your system.
It should answer the question "What do I do now?".
You have money you want to risk in the market. What is the first thing you should do, what next? It should be a series of If/Then scenarios; If this happens, then do this.
It seems like you should be able to write this in a couple of hours. Chances are if you can be bothered, it will take a few days if not a few weeks. Most can't be bothered and have to answer the question "what do I do now?" when they are in the middle of a trade under a lot of pressure.
Plan your trade. Trade your plan!
Thanks buddy, let me do this and then give an update on how it is working.
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THAT problem will cure you, if you keep doing it= account blow up
In addition to your ''written plan'' ;
do a lot more chart work + see why i told you you will blow up if you keep doing that
