I've been away from the market for almost the entire holiday season. The lack of liquidity and volatility don't provide a good environment for day trading.
I've decided to focus on being discipline with stops and more patient with entry. My goal is 60 pips per day, which would translate to 15 pips/trade for 4 trades or 20 pips/day for 3 trades.
My stop loss for 15 pips gain would be 5 pips at 3:1 RR. My maximum number of trade per day should be 6 and maximum loss should be 3 consecutive stops.
Let's see how this work out.
Happy New Year! 2010 here we come!
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