Management

Question 1

Management 1

Answer 1

What will I do in each scenario?

Question 2

Management 2

Answer 2

Before pulling the trigger think of these 3 things:

1. If my trade goes to full profit
2. If my trade goes to profit but does not touch TP
   
   • close 50% and move stops to BE
3. If my trade goes the other way.

Question 3

Management 3

Answer 3

Use limit and stop orders for rebates

Question 4

Management 4

Answer 4

Have I done atleast 30 minutes of analysis?

Question 5

Management 5

Answer 5

Calculate position size with calculator, always put 1% at risk and no more!

Question 6

Management 6

Answer 6

Keep an eye out for the exit checklist

Question 7

Management 7

Answer 7

Focus on one trade at a time and don’t have correlated trades running
Ex. L eur/usd S usd/jpy

Question 8

Management 8

Answer 8

Make notes on your mental state, journal each trade individually

Question 9

Management 9

Answer 9

Insert alarms on phone to close trade due to future news events

Question 10

Management 10

Answer 10

If I lose 3 trades in a row or 20% profits In a day, take the day off

Question 11

Management 11

Answer 11

Keep in mind the market has endless possibilities/opportunities. You don’t need to chase or milk that one trade, there will be more.

Question 12

Management 12

Answer 12

Post analysis factors

• correct or incorrect read
• good or bad execution
• good or bad money management

Question 13

Management 13

Answer 13

Rule No. 1 is capital preservation

Question 14

Management 14

Answer 14

If there’s news coming out, leave that pair for a while.

Question 15

Management 15

Answer 15

Before taking a trade make sure to write the checklist out to make sure I’m firing on all cylinders.

Question 16

Management 16

Answer 16

Get a meditation session in when my brain gets to busy from charts

Question 17

Management 17

Answer 17

Trading isn’t about winning its about being profitable

Question 18

Management 18

Answer 18

Always think what if? Be able to be flexible

Question 19

Management 19

Answer 19

Think of wins an losses in terms of R

Question 20

Management 20

Answer 20

Don’t rush into trades

Question 21

Management 21

Answer 21

Say “this isn’t hard, it’s easy”.

Question 22

Management 22

Answer 22

Emotions activate and emotions take, they never give.

Question 23

Management 23

Answer 23

Stop trading when your in a state of euphoria

Question 24

Management 24

Answer 24

Trade without fear

Question 25

Management 25

Answer 25

Trade from a carefree state of mind

Question 26

Management 26

Answer 26

There is “normal losses” in trading

Question 27

Management 27

Answer 27

Don’t trade in a trade-by-trade perspective.

Question 28

Management 28

Answer 28

I am a consistent winner because:

• I objectively identify my edges.
• I predefined the risk of every trade.
• I completely accept risk or I am willing to let go of the trade.
• I act on my edges without reservation or hesitation.
• I pay myself as the market makes money available to me.
• I continually monitor my susceptibility for making errors.
• I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.