Just a note to my strategy as far as how much I risk per trade.
I try to use the 10% rule I created for myself. This rule is pretty simple as says I can only risk 10% of the total amount of cash on hand or $200 (whichever is higher) per trade. So as most of you can see from my trades over the past 45 days, I've held firm to about $200 per trade.
Currently my paper trading account which started at $2000 now has a cash balance of about $3,500 and we are holding that Jan13 $165/$170 GLD Call Spread. So my next trades will probably be risking about $300-$350 per trade.
I also try not to have more than 3 "short term" plays at any given time. Some folks can play way more than that but I find myself getting lost in the fray. So again, this is about knowing what your individual strengths and weaknesses are. Then accepting to restrict yourself to those qualities that may give you the best chance at success.
So we have about 2 more months to go before live trading will once again begin. It's getting tough to not just start trading again but I really want to finish what I started. The market isn't going anywhere......
Have a great weekend all
Boca_Bobby
Mom said there would be days like this!
