Wednesday, April 2, 2008

first steps towards organizization

i'm putting off development of a complete trading plan until i finish "high probability trading," but i know what some important parts of the initial phase will be. figured i'd jot them down while i'm thinking about it.

--i'll be moving my focus to trading (scalping) mainly e-mini s&p 500 futures contracts
--from now until i reach and can maintain a higher capital level (maybe $50,000) while regularly making withdrawals for living expenses i will only trade one (1) contract at a time in order to limit my risk and potential losses.
--as a further means of limiting losses i will always (ALWAYS) use stops at a maximum of ten points, but preferably five if conditions allow.
--contracts will not be held overnight until i reach a higher level of market proficiency.
--i will review my plan weekly (or more) to ensure my adherence to it, and review it with more diligence as profitability becomes a reality so as to avoid becoming lax due to success's arrogance.

from here i will refine and add more; hopefully keeping it concise enough to read quickly yet thorough enough to keep me in check.

i've not been sleeping and also feeling some sort of sick lately, thus i haven't been doing much of anything. hopefully this garbage goes away soon because it's driving me nuts.

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