It’s Really Time For a Trading Plan
March 8, 2006 by Trader Rich
I finally had the time to update my trades for this week, Week 14. My profit/loss is -$3055.70. It has been my worst week as a trader.
The last 3 weeks have all been losses. I am still profitable though for the last 14 weeks with a total of $2463.
I can’t go over all the mistakes I’ve made over the last 3 weeks or the last 14 weeks but I’m sure I’ve made every rookie mistake in the book and more. I know what I must now do. I can no longer put off constructing my written trading plan. Once it’s in writing, I’ll be at least one step closer to trading for a living. I’ll have to take the first step in the next couple of days. My trading week is most likely over.
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Hi there, I’m just a beginner, but I see some of your losses and wonder what your stop loss placment policy is?
I don’t have a setup stop loss number for every trade. It is unique for each but usually not more than 30 pips or so. I’m trading 3 lots at a time though so if my stop is hit, it’s a quick $1000.
Sorry if you have already been asked this, but what motivates the decision to trade 3 lots?