Most new traders lose money by breaking their own rules, not by lacking a good idea. Guards turn your rules into warnings before you break them. This is step 4 of 6, and it needs an account from step 2.
What to do
- Open Guards. If you linked more than one account, pick the Account at the top.
- If you trade a prop firm account, choose Firm, then Account type, Phase and Size. FxMind copies the firm's published rules and you can change any of them.
- If you trade your own money, choose My firm is not listed, or I trade my own account. Tick the rules FxMind should watch. Four are ticked to start you off.
- Read every rule on the Check step. Rules marked unclear come first.
- Press Save these rules.
Quicker for your own money: the card My limits on the same page sets four numbers (risk on one trade, most loss in a day, most trades in a day, trading hours) and saves them as warnings. More here.
What you see afterwards
Guards show Room left: the smallest distance between your equity now and a loss limit, in money. FxMind warns you at 70% and again at 90% of a limit. A limit on your own rules is a number you choose, for example losing at most 1% of the account in a day.
- Equity
- Your balance plus the profit or loss of your open trades, right now
- Daily loss limit
- The most the account may lose in one trading day. Explained
- Drawdown
- How far the account has fallen from its high point. Explained
- News guard
- A warning before big news hits an open trade. What it does
Next
Step 5: your journal.
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