What I am trying to do is showcase my trading including its flaws and
see where I can take this account over a period of one year.
My
eyes are on CL crude oil but I have to wait until I build up this
account to atleast 15K to trade CL. When trading CL I cannot play all
the games I play with NQ as NQ is very forgiving and CL will
definitely kill my account if I make the same mistakes.
Major imperfection of my trading is adding position to the losing positon. I trade with only 1 lot but sometimes I add. Past week mostly I traded with 1 lot but I did add twice and max size was 2 lots. That is what I am struggling with and trying to avoid and correct.
With my tiny account I can trade up to 17 contracts. It is very tempting but such a leverage will definitely ruin my account as well as my confidence.
So my plan is to eventually trade CL and for now that is my goal.
Speaking of goals, my daily goal is only $100 and I try not to loose much after I reach it. Most of the time I stop trading afterwards.
Hi Vinay. As a rule add to winners. Fading contracts in a losing position should be by design only, not as a fix. So, all adds come on the forward excursions from your entry. This can get harrowing if price fails to move so, until you have a statistical forward excursion rate, limt add-ons to scalps. This way you will continually reduce risk until the trade moves forward enough to not have to worry about it, and you get some runners going without additional risks. If your entries are always pulling back before your first target, then maybe examine your strategy. You may be getting in too early.
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