Trading rules

In order to prevent from committing the same mistakes again and again, I am going to set a few preliminary rules to control my own emotions..

1. Set a max monthly draw down.. (Ranging from 5% - 15%). Stop trading for month once hit!

2. Set a max amount of trades everyday .. (3 - 5)

3. No market orders.. Only stop or limit orders allowed.

4. Trade during market active hours (i.e Eur/Usd [8pm - 12pm])

5. Don't trade before major news release.. Wait till things stabilize (i.e 1 hour after release)

6. Trade 1hr and 4hr time frame. Use 15 min as a gauge of noise.. Also take note of average daily trading range.

7 . Plan a max amount of loss per trade.

Crashed out.. Account blown again~

I am so frustrated and angry with myself.. Again and again, i blown my account due to excessive greed.. I am so below the water now, with a negative net equity (-43%) .. This is so demoralizing but yet I know I must do something to improve my own trading traits...

Instead of putting in more money now to my trading account, I think I will deleverage (reduce my debt) first.. This is to prevent me from doing more foolish things again! I grew my account by volatility and also blown it with volatility.. Maybe this is because I never keep my position size within reason (I overleverage it) and also chasing my losses.

To start everything from scratch is really not easy but I will persevere because I believe one day I will overcome my own foolishness to become a better trader. I need to have a better risk management system in place to prevent me from being rash.. I guess that is the first thing I need to do!

I think I am still not up to standard to manage money therefore I might consider returning a portion and at the same time, growing my account slowly from small..

P.S : Looking on hindsight, the over leveraged trade which I made was a profit at night time.. Im feeling lots of regrets! A 15k loss wld be avoided with an additional 15k profit.. :(