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Critique My Trading Plan
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[QUOTE="xProphet, post: 49845, member: 26332"] 1. The binary contracts I trade are daily, and I normally trade them 3 hours before expiration.(Keep in mind you don't HAVE to hold until expiration.) The binary option's price gets more and more volatile as they approach expiration. I find the 3 hour mark to be a level of volatility im comfortable with. (When actually holding until expiration.) 2. I expected this response. I feel that is a percentage I could achieve and have done so on demo when testing my strategies. (A correct hold until expiration makes this number very much achievable, with the Binary options I trade.) However, if in demo this percentage proves to be too burden some, I will naturally adjust it to something more achievable. 3. It's 2 trades a day over the course of the week. Each trade should net me only 2% of total account value. (The most risked on 1 trade would 20% of total account value/balance.) If i could win 10/10 every time, I wouldn't even bother with a trading plan. lol. 4. "Short" in this plan can be defined as an exit before contract expiration. and "Long" as a hold until contract expiration. As far as a biased on my part; I tend to be a bit more accurate with the bigger picture, then "what is the next 6 candles going to do.(I'm hoping project weather will aid in "bridging the gap")" However I enjoy the "short" positions a lot more then the "long" ones. 5. Nadex's binaries have a fixed risk and fixed return, I can never lose more then what is traded. (1:1) 6. While I do agree, I would much rather have a hard set but it does offer a bit more control over the trade. It's hard to put in fine print exactly what qualifies as an exit, because it's 100% dependent on the chart. I may set it on a support, resistant line or a MA.. It completely depends on what is going on in the chart. However, I do mark my exit on the chart BEFORE entering the trade, when i see the price trace to it, manually exit. [I]In a nutshell: when my technical analysis is telling I was wrong.[/I] Thank you for taking the time to read and comment on my plan, made revisions from the first post and gained a few things to think about. [/QUOTE]
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