I will not blow up because.....

Hello All,

Well, it almost happened again today. This would have been account number three. But half way through it all, I came to my senses and put a stop to the hurt...came wayyy too close to blowing up that account...

In this regard, I wanted to start a thread that had great ideas from great traders. This is going to be a very simple thread and I want you to post your ONE best idea that fills in this blank.

I will start it out...

I will not blow up because...I will listen to the market when it is ANVIL OVER THE HEAD OBVIOUSLY CLEAR what it is telling me.

THE HUN.

I will not blow out because.... I'll worry more about not losing big than how much I can make in one trade.

Dude,Dudette which ever you are,

I usually do not respond to posts like this but today is your lucky day.

You have to have a plan going in. You have to be able to read charts. You have to be able to sustain a loss and suck it up. Here's a plan for ya...

Before that...I have no clue what kind of money you are trading with but listen up You cannot trade with scared money it does not work You cannot overleverage yourself You cannot trade on a whim

Money management is key

Look at your charts and decide what you want to trade.
Start a trade log and write down what you are seeing in the charts that determined you should take that trade ie: time frame,time of day,pair,candle formation whatever you saw
Take a position 15% of your account(doesn't matter if it is a 1000 or 100 account)
Set a stop loss of 3%. If you get stopped out you have 97% of your account to trade.
Set a take profit for 1%
Go do something and check your position in a couple of hours or the next day whatever
If after 30 days you cannot see a profit you need to review you log very carefully and see where you went wrong
Limit yourself to 1 or 2 trades per day I suggest 1 a day for the first 30 days
do not sit there and watch it tick for tick
If you have blown up 2 1/2 accounts you are not exercising good sound money management you are gambling and losing. You have to stop that crap now or take the rest of your account and go to the casino.
By setting a goal of 1% per day you will earn more each day and your 15% position will also be more but the amount of pips you need to attain your goal will not change (I believe 25-30 pips a day is the target.
You must also have to have a system that you can trust and believe in.

I'm sure that others can add to this and fill in any blanks.

This is just to get you started

HOOK