Point Quota Per Week?

[shooly76 10]

I have been writing up a trading plan lately, and it revolves around risk management and a point quota per week.

 

9 pts/ week starting w 1 ES contract, or 1 TF contract...and compounding from there..setting stops no more than 2 pt away. but Ive been thinking that some single trades may net 10 plus points...should I let my trades go if they have momentum and confirmation? or set a profit target no matter what? say 3 points per trade/trading day?

 

also, can someone give me a link for learning fiboanacci retracements and extenions? I dont really think I need to learn all the details of fib, just how to measure the retracements and extensions on a 2-3 minute chart.

[Tams 20]

you have to break even before point quotas.

[shooly76 10]

so ur saying I need to double my account before concentrating on quotas?

[v101 10]

Here are some URL for FIBO reading:

Fibonacci Retracements | A Guide to Using Fib Levels for Trading

Fibonacci Trading Techniques Article

 

With regards to your question, if you enter with 1 contract, and set a target that could work, but then what about letting your profits run if you are in a good move?

 

An idea/twist on this, is to enter with say 3 positions, and then after a certain point number is reached, take 1 off, then your risk/exposure is reduced.

 

Then once the market has reached a 2nd area, which can be pre-defined or at a pivot, double-top/bottom, etc take the next contract off, and move stop to breakeven +1 or breakeven -1, then you have:

Taken profits

Mentally feel good

have the 3rd position for letting your profits run, and have a RISK FREE trade.

 

this is a nice method, and easy to implement. But there are multiple ways to go about it, this is just a simple example..