DAY TRADERS
- Thread starter Ruben R
- Start date
Have you ever checked out Height Ashbury? I hear it is a real happening scene.
Far too many trades.
But now I set a daily max risk.
I still have a goal but think it's bad idea.
Right now it's :
- Max Daily Risk _ 5%
- Average Daily Reward _ 10%
- Average Daily Target _ 5%
Over the long run,
If you bound reward,
Then the average will be lower.
If you bound risk,
Then the average will be higher.
If you bound both,
Then the average will be equal.
If you unbound both,
Then the average is a non sense.
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yeah definately! hoping there's still some honest traders out here
Daily profit goals ? There's a problem if you're talking exclusively about profits. Price action is not the same every day. Thus, doesn't make sense to use the same daily profit goal while knowing the price action is not the same every day.
Therefore, if you're a new trader...best make your daily goals involving your ability to follow your trading plan instead of about profits. Also, set daily goals for important tasks to complete involving your trading (e.g. set a deadline for new backtesting, deadline for finding info about your taxes). Hopefully when you've reach your goals involving your ability follow your trading plan and execute your trades properly along with a plan for treating your trading like a business...profits will take care of themselves.
In contrast, some people use different daily profit goals but that's something only seasoned veteran traders would be doing for those into that and understand how to make adjustments based upon changed price action.
Anyways, you're new...stick with goals involving your trading plan and the business of trading. Later if/when you become consistently profitable...that's when you can maybe think about daily profitable goals but not the same goal every day as if the markets never change because markets are not the same every day.
Yet, if you're not profitable, you'll only cause unnecessary psychological stress trying to manage your trading via daily profitable goals.
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For every trader there is, there is another trader that is completely different. One may be very experienced at counter-trend and another very good at trend. One is a Scalper and other go for much bigger plays. You really asked an impossible question. Also, you have retail traders doing a one lot and other traders that might have a staff of twenty or they have remote traders trading for them, automation of one to fifty systems and either lease or buy seats at exchanges and trade thousands in a day. So you have to really get specific in your question.
As far as daily Goal, that is very risky question or concept to think, really comes down to back testing that. After having 3,000 to 10,000 sample size should give you excellent idea of what you are seeking, but here is the thing, everything you know this minute, each year you will add to the questions based on your stats, you develop stats based on stats, by the minute, five minutes, entire day of minutes, pre-market, after market, the beat goes on as Sonny and Cher sang it. Best advise I can give, always test as it you were doing a one lot, if you can't make money on a one lot, more of them will mess up you up.
I look to make 6-7 points in ES in 60-75 minutes starting with pre-open, and I have to make 4pts then 6pts by so many minutes or I can't trade any more till full hour of regular day session, when I reach Goal, my platform cuts my volume 80%. I will do up to 40 trades in an hour as I am a Scalper going for smaller profits. Each different market I trade has same but different targets, time stops, signals and volume.
Now I know of couple other traders who do 1-3 trades during entire day session and they go for huge profits of 10-25pts in ES.
Comes down to you and spending huge amounts of time of finding ways to get there.
I agree with wrbtrader , have to make this a business first.
Good luck.
As far as daily Goal, that is very risky question or concept to think, really comes down to back testing that. After having 3,000 to 10,000 sample size should give you excellent idea of what you are seeking, but here is the thing, everything you know this minute, each year you will add to the questions based on your stats, you develop stats based on stats, by the minute, five minutes, entire day of minutes, pre-market, after market, the beat goes on as Sonny and Cher sang it. Best advise I can give, always test as it you were doing a one lot, if you can't make money on a one lot, more of them will mess up you up.
I look to make 6-7 points in ES in 60-75 minutes starting with pre-open, and I have to make 4pts then 6pts by so many minutes or I can't trade any more till full hour of regular day session, when I reach Goal, my platform cuts my volume 80%. I will do up to 40 trades in an hour as I am a Scalper going for smaller profits. Each different market I trade has same but different targets, time stops, signals and volume.
Now I know of couple other traders who do 1-3 trades during entire day session and they go for huge profits of 10-25pts in ES.
Comes down to you and spending huge amounts of time of finding ways to get there.
I agree with wrbtrader , have to make this a business first.
Good luck.
@wrbtrader @Handle123 thanks a lot for advice, very helpful, will focus on executing my trading plan, still trading one lot. I'm still new, opened my account on Jan 2016, but have been working non stop on trading.