RR should be at least 2:1, otherwise you're befriending too much risk. Unbeknownst to some of you, risk is not your friend.
I think 99% of the time you have to follow your rules and system. 1% of the time you can break the rules.
I have a check list for criteria a stock must meet before I enter a trade. I have an exit plan in place before I enter a trade. Where I will get out if the trade goes against me, where I will exit if the trade moves in my favour. I compute my position size depending on my account size. The plan is a series of if/then scenarios. If the price does this then I do that. An operators manual so to speak so that anyone could follow my strategy.
You mean to say the plan of exiting by end of day? To me that's more a wish than a plan. Originally I had a goal (I suppose it can be called the premise of a plan) to make X dollars per day, which quickly turned into an average over month, then to average over year. But that's still a big picture goal or framework. I think I'm just trying to better understand how stock traders work from plan and rules which seem to be quite strict. Again, it's a learning question, not a gotcha one, so no need to be defensive...
Well, you should know that nobody will divulge their trading secrets. Second, your questions are too vague. Nobody has time or the patience to second guess what you have in mind. If you want concrete suggestions or explanations, ask specific questions. Third, by your own admission, you sound like a beginner. In that case, you probably require a thorough education on price action, technical analysis, risk:reward, etc. While those topics have been sporadically covered here in the past, you're better off just hitting the books. There are many good books on each of those subjects.
This, or because I expect the stock to continue its ascend. Also, because I'm not in the time zone, I trade from 4 am to noon EST at the latest, which is far from ideal. For example, based on chart analysis I had GME spiking Thursday but it stayed flat. I held on overnight and it spiked Friday. I could have sold Thursday for a micro loss and bought back Friday but GME can spike at open and make it difficult to get in and I didn't want to take that chance. More to the point though, I don't see the reason other than emotional, for a rule to exit by end of day. Anyway, I didn't realize that plans and rules were closely guarded secrets and my intention wasn't to pry anything. Put that under newbie naive question.
If I were to answer the question in full it would take me at least an hour to type out. Sorry plenty of sources on the net to search out for yourself. The effort is worth it. See schizo post#46 also