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Daily drawdown limits are a risk management tool that only work if you track them explicitly rather than relying on a general sense of how much you have lost so far in the session. I maintain a simple running total of realized and open risk for the day and compare each new trade’s potential loss against the remaining allowance before placing it. https://roboforex.com/beginners/start/profit-and-loss-calculator/forex/ gives me the exact dollar figure for each planned trade’s stop loss which I can then check against my remaining daily limit. Without that exact figure the discipline of maintaining the limit becomes fuzzy and fuzzy limits tend to expand under the pressure of wanting to recover losses.
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This discussion was modified 1 week, 1 day ago by
NInGa Asashmandovke.
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This discussion was modified 1 week, 1 day ago by
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