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Daily Trading Limits & Goals. Do you stop trading if hit?
- Thread starter Chinookie
- Start date
No, don't stop. If the iron is hot keep striking. When you are trading well and generating consistent profits you should increase your activity and/or size. When you are not trading well, or if conditions are not right cut back on activity and size.
When the wind is blowing raise your sails!
When the wind is blowing raise your sails!
I hear you. What you should do is study your strengths during the times of the day. Do you make 90% of your profit in the morning? I suspect you are close to that and if you tend to lose it in the afternoon then quitting may be best. The first hour is typically my best time of day since I'm a volatility trader, not a trend trader.
Quote from Chinookie:
I agree. The only dilemma I run into is being up $2000, then making a few bad trades, and therefore giving back $1500 before I stop. Would using a trailing stop on your daily profit be a good idea?
Quote from Chinookie:
I agree. The only dilemma I run into is being up $2000, then making a few bad trades, and therefore giving back $1500 before I stop. Would using a trailing stop on your daily profit be a good idea?
YOu lose that $1500, because you get into riskier trades because you know are already up for the day. Concentrate on always getting into ONLY high percentage plays. Don't base what trade you get into on whether you are up for the day or not.
There is no need to have a goal if you follow this. But it ain't easy.
Stop if you're beginning to lose patience, focus, discipline, or if you catch yourself going into "chase mode" or if you become indifferent, as well as if you are slow that day and find yourself missing your outs. Also stop if you lose more than a certain amount on the day that is less than you can make back in the good days. By stopping at a max loss you sacrifice some of the days where you might make all the money back and become positive but you also keep yourself from digging a hole which the next day you want to make back so you "chase" your losses.
I don't see a reason to stop when up. If you reach a certain number and can't get past it, it's a psychological barrier that you should focus on overcoming.
I don't see a reason to stop when up. If you reach a certain number and can't get past it, it's a psychological barrier that you should focus on overcoming.