daily expectations

How does one set this?

If you want more....increase contracts or shares based on equity balance and % risk.....

When I just pull a number out of the air tht I want to make as a reasonable hourly wage, I find this limiting in itsself.

It's nice to be able to can ones yearly or daily income, as many use this a guage of success.

I guess it comes to how one defines freedom.

Michael B.
 
There are so many novices coming into the market trying to "can" success. Not you oddtrader.

Have you noticed that these posts are also by newbies.

Their attack on this career is natural. 99% of them fail. I have failed 3 times and still come back. I do not have the answers, but I have survived for 3 years this time.

I have learned to cope with failure


Michael B.
 
Quote from Boomer:

in this current market, what are your daily goals. (in terms of dollar amount) i am an undergrad, but follow trading and look forward to it once i graduate. i know things have changed, but by how much. what do you think is a reasonable income currently? what do you think an experienced trader can bring in? and how have times changed in response to this?
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Just a primitive thought:

1. Setting a weekly target would be much better than a daily target, due to many factors, particularly for newbies.

2. Possibly the expected profits (in whatevre market conditions) for a trading newbie can be maintaining negative for a very very long time, unless a highly profitable strategy/method has been fully tested/proven. (Consider to get a part-time income concurrently!)

3. Too many unforeseeable and adverse factors a newbie may not have time/chance to evalaute/encounter yet.

4. Positively evaluate whatever negative input/experience during the process.

:confused:
 
Quote from ElectricSavant:

:)


Profitability is static and arbitrary based on ones expectations, but expectations are not valid as the market will not listen.

Following a plan is discretionary and requires a trader to listen to the market and adjust after the fact, to get what it MIGHT give.

Drawing lines in the Sand......well I prefer to work with the discretionary side :)

Michael B.
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As long as we're profitbale (and our Expected life style is maintained comfortably), who cares?! :confused: :D
 
Quote from ElectricSavant:

How does one set this?

If you want more....increase contracts or shares based on equity balance and % risk.....

When I just pull a number out of the air tht I want to make as a reasonable hourly wage, I find this limiting in itsself.

It's nice to be able to can ones yearly or daily income, as many use this a guage of success.

I guess it comes to how one defines freedom.

Michael B.
More...

My suggestion has been hourly rate which is exactly what you mentioned. Why not? :confused: :D
 
As long as we're profitbale (and our Expected life style is maintained comfortably), who cares?!


Well, now you cut to the chase.......

Your quote above NOW leads us to expectations.......

I suppose we could expound further if anybody is listening to us....

In the quest for effective trading, one might consider improvement as a objective and a gauge to measure expectations and fullfillment.

If you were to "trade-log" your daily trades and search for "how can I improve by looking at these measurements" then this might be an avenue for growth. Or over analysing can kill too.

But to just settle with the expected lifestyle which is forever changing...would be limiting.

Michael B.
 
Quote from ElectricSavant:

There are so many novices coming into the market trying to "can" success. Not you oddtrader.

Have you noticed that these posts are also by newbies.

Their attack on this career is natural. 99% of them fail. I have failed 3 times and still come back. I do not have the answers, but I have survived for 3 years this time.

I have learned to cope with failure


Michael B.
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Q

Jack Sandner: "I think people who have suffered adversity and have overcome adversity many many times are able to become good traders."

--- The InnerGame of Trading (by R Koppel and H Abell)

UQ
 
My suggestion has been hourly rate which is exactly what you mentioned. Why not?

Too limiting....besides the market will not listen......


The market will tell you how much you will make....base your expectations on this....take what it will give.....measure your accuracy with the range for the day...

Michael B.
 
Quote from OddTrader:

1. Setting a weekly target would be much better than a daily target, due to many factors, particularly for newbies.
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Good point, and perhaps target is the wrong word - I think it has inapporpriate connotations. It would be bad if somebody was in their last trade on Friday, calculated what they needed to make to hit their target, then refused to exit until that target was hit.

I just did my weekly review, and I have a certain number that I look for (half a point net per contract per trade) that indicates my plan is working. So in that sense, targets are a good idea - they let you know that things are proceeding as you thought. But, don't use them as artificial structure on the market or your trades - don't hold on simply to reach the target, nor bail early just because you hit your target.
 
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