This discussion will be about the most important rules, guidelines, and parameters that can help traders stay on track and follow their game plan. I've had to make these two tools to prevent myself from making mistakes when I am tired. I live in California USA and I trade the LONDON session, so my schedule is complete opposite of a normal Californian. Because of my dreadful timezone and desire to trade at the best times, I often find myself trading while being tired, over trading, and making trades that are not based on my strategy. Therefore,
I am building two tools:
Discipline Trader EA
Functions:
1.) Basket Profit/Loss: Close all trades if Profit value or loss value has been met
2.) A trading window: To avoid over trading and trading when you should not be
3.) Max open positions: To prevent trigger happy fingers
4.) Stop out: Max % in Drawdown before trades are closed and you are locked out
Voice Trader Indicator
Functions:
1.) Visual DD: Displays current Drawdown levels and Voice alerts when 2% 10% 20% and 30% DD has been reached.
2.) Displays Account balance, Equity, and Dollar amount of DD %
3.) Order alerts: Voice alert when trade is opened, closed, including pending- It's great if you are using an Expert Adivisor and want to know when a trade is opened or closed.
4.) Market Commentary: Over 30+ prerecorded voice alerts about news releases, market opens, common reversal times, and other useful alerts that keep me focused, awake, and following my game plan.
5.) Momentum Alert: Simple Moving average crossover/PA reaches MA
My Game Plan
Analysis begins one hour before European opens.
First trade can be entered at the Opening of Frankfurt. Max positions __
% gain or % loss will end the trading session early. Goal and Stop out in Place
1 Hour break at London Lunch Time. Review trades, relax, enjoy a break from the desk.
Stop trading at the Close of the London Open or better yet, at the closing of Frankfurt.
Lets keep it simple.
1.) Share your Game Plan.
2.) Comment on Discipline Trader EA and Voice Trader Ind.
Any feed back will be appreciated.
I am building two tools:
Discipline Trader EA
Functions:
1.) Basket Profit/Loss: Close all trades if Profit value or loss value has been met
2.) A trading window: To avoid over trading and trading when you should not be
3.) Max open positions: To prevent trigger happy fingers
4.) Stop out: Max % in Drawdown before trades are closed and you are locked out
Voice Trader Indicator
Functions:
1.) Visual DD: Displays current Drawdown levels and Voice alerts when 2% 10% 20% and 30% DD has been reached.
2.) Displays Account balance, Equity, and Dollar amount of DD %
3.) Order alerts: Voice alert when trade is opened, closed, including pending- It's great if you are using an Expert Adivisor and want to know when a trade is opened or closed.
4.) Market Commentary: Over 30+ prerecorded voice alerts about news releases, market opens, common reversal times, and other useful alerts that keep me focused, awake, and following my game plan.
5.) Momentum Alert: Simple Moving average crossover/PA reaches MA
My Game Plan
Analysis begins one hour before European opens.
First trade can be entered at the Opening of Frankfurt. Max positions __
% gain or % loss will end the trading session early. Goal and Stop out in Place
1 Hour break at London Lunch Time. Review trades, relax, enjoy a break from the desk.
Stop trading at the Close of the London Open or better yet, at the closing of Frankfurt.
Lets keep it simple.
1.) Share your Game Plan.
2.) Comment on Discipline Trader EA and Voice Trader Ind.
Any feed back will be appreciated.