My suggestion would be as follows:
1) Reduce your initial acct to 1K
2) Reduce your risk to .005% (1/2%) The trick is to last long enough to learn how to trade. Do this for 1000 trades and then consider raising the risk. Even 2% is to high for a new trader, but many think that this is the lowest they should trade.
3: What does your system require (If u cannot answer this then see Note #2)
4: Do not limit your winners. See # 3 and then refer again to 2)
5: What does your money management rules say (See #4, #3, and again #2)
Good Trading to you.
1) Reduce your initial acct to 1K
2) Reduce your risk to .005% (1/2%) The trick is to last long enough to learn how to trade. Do this for 1000 trades and then consider raising the risk. Even 2% is to high for a new trader, but many think that this is the lowest they should trade.
3: What does your system require (If u cannot answer this then see Note #2)
4: Do not limit your winners. See # 3 and then refer again to 2)
5: What does your money management rules say (See #4, #3, and again #2)
Good Trading to you.
DislikedHi there, can someone please take a quick glance at this, and tell me if this is a solid risk management plan to start with? I will modify it as time goes on, and my trading habbits change, but for now this is the basic guidelines I have set up.
Starting Balance: $5000.00
Risk Tollerance %: 5%
MAX stop loss: 50 pips
PiPs per week goal: 80 Pips
MAX std lots per trade: 100
Anything I should change, or Add?
Thanks, really appreciate it!Ignored
In trading, there is no bullshit. You either make money or you don't.