Strategy

After much thought and analysis paralysis, I basically came up with a business plan with certain objectives and ways to reduce risk.

Objective - make whatever trades you can according to your strategy within the timeframe you are going to be trading.

Reduce risk - there are several ways in theory one can reduce risk, but there are also personal ways one can do it. NO matter how much I trade, analyse etc, I always keep coming back to a mantra I read when I first started trading - "know thyself". My personal way of reducing risk is to limit the time I spend in front of the screen and actually trading. My track record personally has always highlighted that the longer I stay at the screen, the more likely I am to make mistakes eventually. By reducing the amount of time in front of the screen, I am reducing my time in the market, and also reducing the chance of me taking 'bad' trades. I know there are traders who will disagree with me, but each to their own.

I have a value beyond which I will be reluctant to keep waiting for trades. This value is not a target to achieve, but more of a realistic target that should be achievable on average per day for the whole week. Sometimes I will get more sometimes less. If the market is moving great during my time at the screen, I will keep trading, but if I have already made my value, and the market looks like it may kick up again, then I shall not be taking any trades.

Lets see what the next 6 months bring, and all the best to my fellow traders.

Regards,

K.