dgdevans

I think you are on the right track here. For me setting hard risk/reward ratios, targets and stops has proved to be an exercise in frustration. It means you need the price action to conform to your requirements (ie reach point A before point B) and markets are very reluctant to behave that way on a reliable basis (if they did trading would be easy!). I've found it more profitable to use indicator or price action based stops and exits (ie when a price patternoccurs or an indicator level is reached rather than when a price level is reached). The size of individual profits and losses is much more unpredictable this way, so it requires well thought out risk managment, but I find it much easier to be consistently profitable.

I'd also add the need for disaster planning. Do you know what you will do in all your worst case scenarios. What if your internet goes down? Do you have a back up? What if your pc dies? Do you have a second machine? What if your broker platform crashes? Will you know exactly what positions and orders you are holding and where they are held(locally or at exchange level?) Do you have access to another broker where you can hedge open positions? What if you suddenly taken ill Is there someone else who knows how to close out your positions?

I agreed with Tradewinds. Get a think or swim account, pick an instrument, and get some screen time in. Here's a few things I wish I'd known years ago which might help shorten the learning curve. 1. don't put too many indicators on your screen. just pick a couple and stick with them. personally i like bollinger bands. 2. when your indicators let you down (and they will) don't bother looking for a "better" one. there aren't any. 3. use fibs in combination with your indicators. look for levels that are significant for multiple reasons and in multiple time frames. watch how price reacts at these levels. 4. entry is art not a science - you wont be right all the time 5. money management is science. get your head round the key principles and do not (EVER) let fear and greed make you override them.