daily expectations

Quote from ElectricSavant:

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

My understanding is "how much the market will give" can be varied according to timeframe, and hence it greatly affect our life style. :confused:
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I remember those positive thinking seminars in the 80's. Positive thinking just for the sake of positive thinking....or "The Peter Principle......also I remember something about warm fuzzies and cold prickleys. Then their were the opm seminars with the quest for elephants and other peoples money....

I am glad those days are over.....trading the futures is so clean...


Michael B.
 
I suppose if one were to define the optimum low to high range/time if long

and vice versa if short

then you could plug your results (profit in points/time) in to measure how effective you are.

Always put your calculations in points not $ as you do not want to base expectations on or "think in" dollars

Michael B.
 
Starting out as a newbie, I think it would be best to set your daily goals as to the percentage of profitable trades, not thinking on the $s. You can do this with paper trades befor risking any capital.

Be assured, there is money to be made as a trader, plenty of it. Realistically, everyone has limits as to what they earn, and this is mostly determined by a variety of things. How many trades can you handle at one time? What are you trading? Stocks only, options on stocks, options on indexes, futrues, etc. How much capital do you have to risk?

I hope the point is clear, you can earn as much or as little as your talents and methods allow. Become an expert in two or three trading methods and you should not be wanting for money!
 
Quote from RAMOUTAR:

My daily goal is to follow my plan and keep disciplined. I stopped focusing on becoming profitable years ago. My focus is follow my rules, keep the risk reward ratio in my favor, enter the trade, manage it, and exit at the stop or target.

I recently applied that way of thinking to my golf game...I'm still high nineties, but look out Tiger!
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I also don't have a daily $$$ goal. This is the way I see it. Market is a like a psycho girlfriend; you don't know what she's going to do next. How do you handle uncertainty? You don't want to add more to uncertainty by getting in and out of trades in an inconsistent way. Thus my goal is to stick to my plan and be disciplined. My best days are not the ones that I make the most $$$, but the ones that I handled all of trades according to my plan, even if I lost money that day. Because I know that this is the only way to be successful in the long run!
 
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