Just a friendly suggestion? regarding stops? I would highly recommend focusing more on a solid, no exceptions rule to handle losing positions rather then selling the winners at a pre-set percentage gain.
The most difficult part of succeeding at trading/investing IMO is learning to let the winners run.. When you finally succeed at setting a solid stop point for losers (and sticking to it regardless of if its a trendless market where your loses will add up quickly or an easy to follow trend such as what we have had over the last several weeks) the next even more difficult part of the plan would be deciding which winning positions should be allowed to 'run' and this is what seperates successfull traders from failures...
All just my opinion but I like your idea, and just felt that you might want to consider reversing that rule to cut the winners and just cut the losers and let the winners run. I have spent over 10 years trying to beat this market and its a never ending challenge but I pretty much ditched all my rules and sticky pad notes over the years and replaced it with this:
1) Solid stop point on a losing trade.. Absolutely no exceptions, and no averaging down or lowering the stop unless the position was allocated for such a strategy and therefore Ill always be guaranteed the only thing you can be guaranteed and that is how much you are allowed to lose on a trade.
2) Let the winners run.. without this youll never get out of break even, and more certainly your stop outs will probably make you negative on the year because even winning at 60-70% of your trades is extremely difficult (This is pretty much a fact).
3) Consistency.. never take a different path.. in the end- after all the greed and fear and demons beat us up every day? This whole 'game' is nothing more then odds/probabilities and a buncha numbers on a spread sheet.. The absolute only way it will work is if you consistently follow a plan and allow it to work without inerjecting personal feelings.. The market doesnt care about us, we are just along for the ride.. its all about numbers..
Anyhow- good luck! and just consider my points.. we all have to make our own plan but I just felt I would share what I feel is a winning strategy..
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