Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Saturday, December 10, 2016

-1.0%....-2.0% for the week

Yesterday, I was short early on a breakout pull back that stopped out immediately. Then long after a pull back. Actually bought the low tick of the pull back which was nice....but it stopped at BE after a long hold. Then got long again with another BE.....and finally a long with a small stop out.....First trade was full size, remainder were one lot trades.

Next week is my last trading week of the year. I plan to reduce size to a single lot on all trades. This will result in about a .25% risk per trade. I'll only risk .5% per day so essentially one or two trades a day.

I have finals next week and I have to renew my mortgage license before the 19th which is about 8 hours of continuing ed before I can renew.

Once next week is over, I'll be off for the remainder of the year. January 1st I start studying for the CLEP test I need to finish my degree. One last thing and something I've chased for 30 years will finally be done. I'm not sure what I'm going to do with it but I'll have the piece of paper I've wished I had all these years.

Going into January, I'll be staying with the .25% risk per trade and I'll leave it at that until I am winning again. Further, I will only be trading from 6AM to about 7:30AM....this is basically to begin ramping up for what my schedule will be when I start work at the bank in a couple of months. When I get to that point, I want to be dialed into the new routine. So this means whatever I get in that period of time is what I get for the day.

From this point forward, my trading will be about building the account vs earning a living from it. Earning a living from trading has been almost impossible. Stability is more important. If the account gets large enough so that I can make monthly or annual withdrawals without endangering my ability to trade large enough size to cover the monthly nut, then I will consider quitting the day job.

And so a new season begins.