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.