Suggest a money management plan for my system please

I am currently trading with a risk reward ratio of 1:1 and am managing about 55% winners.

Can somebody please suggest me a good money management plan for a system like this.

Thanks in advance.

The Risk & Money Management Simulator might help you!

Would your strategy work with a risk:reward ratio of 1:1.5 and at least a 50% win rate?
If yes, use that, combined with both soft martingale and soft anti-martingale (25% increases per step). You would get MUCH better results.

How about this money management system:

Lots=Equity*(risk/100)1000

You can optimize risk factor.

For example:
If your risk=10 you will open 0.1 lot for every 1000 equity
If your risk=5 you will open 0.05 lot for every 1000 equity

Don't use equity, always assume an active trade is going loose.

capital = Balance - (n * riskperTrade) where, n = number of open trades

u cant always risk 1:1

I agree.
Even less risky though, would be to calculate risk percentage based on balance if equity >= balance and on equity if equity < balance.

I'm not quite sure what you mean by suggesting a good money management system. If you are having 1:1 risk to reward in every trade and have winning probability of 55% then theoritically you will be profitable in longer term but 5% deviation of 1:1 RR is quite low because broker's spread and commission is there. So, try to increase the RR ratios rather than winning probability. If you can increase the RR then it will gradually decrease your winning probability but if you can hold your profit for too long and cut your loss too early then you will get a good trading system rather than 1:1 RR and 55% winning ratios.

what are you expecting in your entry bar when you are entered?

If you are expecting a breakout (i.e. a breakout system) you can trail behind each bar when the previous bar close

If you're expecting strong retracement after 1:1 (i.e. counter trend/ranging) you can close half at 1:1 to reduce DD OR move SL to B/E after your entry/follow-up bar closes.

Hope this helps.