WHAT IS AN ATR RISK REWARD MANAGEMENT PLAN

WHAT IS AN ATR RISK REWARD MANAGEMENT PLAN

1- Maximum per trade risk = 2%
use a position size calculator
2- Stop Loss = ATR x 1.5
3- 1st TP = ATR x 1
4- Use two positions - each 1/2 total of trade risk (1%)
5- Both positions use hard SL - ATR x 1.5
6- 1st position uses hard TP - ATR x 1
7- 2nd position uses a trailing stop for TP
8- After 1st TP hits move 2nd trade SL to break even
9- Follow stops on 2nd position as it runs
10- Don't double leverage a currency
(buy Ca/J and sell U/Ca don't double up)
11- 1st TP hit but price drops:
use Heiken Ashi changes color exit
12- Price does not hit 1st TP and drops:
if my entry strategy changes direction
then close trade to not hit hard SL
13- Shut down trade before hugh news events