$500/day

Quote from peilthetraveler:

You sound alot like i did a few years back...right before i blew out my account. I used to set a "goal" of how much money i wanted to make. That type of thinking ruined me. So I learned the hard way that setting a goal of how much money you want will lead to bad trades, especially if you are starting out. That lesson cost me just over 16,000 dollars. I'm offering you that education for free. Dont set a goal, just make what you can, quit trading if you lose a certain amount for the day (like 200 bucks or so) and dont chase your money if you are losing.
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Very good advice, IMHO. 2 things to think about, OP.

1) What if you don't hit your daily goal? or I should say WHEN you don't hit your daily goal. No trader hits a positive specified daily amount EVERY trading day. There are at least a few days with losses per week, month, or year, that every trader must deal with.

2) I also used to set my day up in a fashion almost exactly like you are proposing when, after a while, I realized I was making the classic error of cutting my profits short (only on a daily time frame as you are suggesting). DO cut your losses short for the day, as peil suggests.

Again, IMHO.
 
$500 per day is shit! lol

You should be able to make ATLEAST 3% profit per day trading.


And so if you have just $15,000 capital you should easily be able to make $500 per day.
 
Quote from EminitraderDM:

The guys I know are pulling between 2 and 5k a day lol
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Of course, they've got million dollar BPs.
So for 100k BPs, $200-500 is THE SAME PERFORMANCE return.
This makes sense, no ?
 
Quote from osorico:

I have just lost my "humbleness".
You and the the 95% plus/minus of other ET participants are wannabees and blowups waiting to happen.
When the student is ready the teacher will come. No longer will I make one iota of an attempt at collapsing that time frame for any member of the elite 95%.
Respect?? Fuck you. You are stuck! You offer me nothing. Quit your weeping. You will NEVER be a success at trading with your reasons and excuses. Get over it.
Osorico is now officially retired from ET.
Thank you.
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This was a GREAT final ET post....a "finale" of sorts.
So good luck to you Osorico.
You've got the right stuff to succeed.
 
Quote from parabolic:

I figured I'd post this here as ET is filled with traders who know how to trade but consistently screw up their plans and lose money. I also figured typing this out would be good for me - so that's my ulterior motive.

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Ironically, the truth is that you will see that it is VERY difficult to make $500/day! But this is only because that's not what you are trying to do!
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One more readying itself for the Giant Cosmic Windshield.

You don't realize how very few people do this, REGULARLY? The only ironic thing is that you are clueless to reality

You don't "plan" to make $500/day. You need real edges and advanced money/portfolio/trade management skills.

By your statement, you are years and thousands of hours of screentime away from this

 
Quote from Addicted2Ticks:

Very good advice, IMHO. 2 things to think about, OP.

1) What if you don't hit your daily goal? or I should say WHEN you don't hit your daily goal. No trader hits a positive specified daily amount EVERY trading day. There are at least a few days with losses per week, month, or year, that every trader must deal with.

2) I also used to set my day up in a fashion almost exactly like you are proposing when, after a while, I realized I was making the classic error of cutting my profits short (only on a daily time frame as you are suggesting). DO cut your losses short for the day, as peil suggests.

Again, IMHO.
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Agreed. I used to trade that way and losing heaps just because I'm trying to reach that extra $$$ to reach my goal. Imagine trying to earn an extra $100 and lose $500 cos you're pushing it. Not very smart at all.
 
Quote from parabolic:


"Don't pay attention to your P&L (unless you're negative, of course)."

You have it totally wrong - this is exactly how a trader DOES progress to the next level - by GOAL ORIENTED TRADING. Your approach is what? It is basically "make as much money as I can make" - this is a recipe for failure and if you truly follow such a vague "approach" we can be almost certain that you are not profitable at all.
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You don't understand my point. My approach is to MAKE ONE GOOD TRADE AT A TIME. I don't think about making as much money as possible. I will accept whatever the market gives me each day. Setting a daily P&L goal clouds your judgement and will negatively affect your trading. You will start pressing to make trades because you haven't reached your daily goal and then you will cap your profit potential because you reached your goal. You will get out of sync with the market.

Setting P&L goals is a rookie mistake. Believe me, I've been there.
 
I've been using this daily profit target goal and it's been working for me so far.

One question how many trading days are there is a year? I read it's some where around 220 minus weekends, holidays, etc.
 
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