My Money Management Rules…. Updated

The money management rules I have given in one of my previous articles are still valid. I have added a few more rules to them for the following reasons,

To increase the quality of setups that I am picking. I define the quality of the setup by its the ability to move beyond the first target, and which starts at a nice price level that caused some supply/demand imbalance in the recent past.
To control my emotional urge to over trade and to stay in the zone. Shutting our own opinions on the market, perceiving what the market is presenting at that moment and having access to all the tools in the trade plan without letting the emotions to make those tools inaccessible, is what I mean by ‘In the Zone’. The more trades I attempt, the more likely I slip away from that zone. So I need to install some mechanism to control that urge of overtrading.
To trade peacefully without banging my head to the computer after the damage is done.
These three are what came to my mind while writing this article and there are some other reasons for this change. Of course, that included getting funded from topsteptrader.

Now, these are my new rules that I pasted on my trading desk.

Maximum 4 setups per session.
Maximum $300 per setup.
Trailing drawdown limit of $500 every session.
Entries only at the chosen price levels. Nowhere else. No chasing.
No market orders.
Trade with 2 lots until the daily profit reaches $1000. Don’t increase the position size until the daily profit reaches there.
Stand up and walk away from charts for every 30 minutes unless managing a trade.
That’s it for now