Day trading profit target

Evermore2017

Evermore2017

From de book: Mastering the trade. John Carter.

"What Are My Profit Rules?

My target daily average goal for intraday trading is $500 per day per $100,000. This is conservative and achievable, and it adds up quickly. I will focus on generating five $2,000 per $100,000 days per month. This means that I don’t have to trade every day. I know from past experience that my best trading days are Tuesday, Wednesday, and Thursday. Therefore, I will focus more on trading on these days. If I am up more than $2,000 per $100,000 before noon, I will continue to trade until I have a losing trade, at which point I will stop for the day. If I have a day in which I make $5,000 per $100,000, I will take the next day off to escape those feelings of euphoria that cause traders to do stupid things like double up on positions or trade without a stop. I will stop trading for the rest of the month at $20,000 per $100,000."

What do you think?
 
Evermore2017 said:
From de book: Mastering the trade. John Carter.

"What Are My Profit Rules?

My target daily average goal for intraday trading is $500 per day per $100,000. This is conservative and achievable, and it adds up quickly. I will focus on generating five $2,000 per $100,000 days per month. This means that I don’t have to trade every day. I know from past experience that my best trading days are Tuesday, Wednesday, and Thursday. Therefore, I will focus more on trading on these days. If I am up more than $2,000 per $100,000 before noon, I will continue to trade until I have a losing trade, at which point I will stop for the day. If I have a day in which I make $5,000 per $100,000, I will take the next day off to escape those feelings of euphoria that cause traders to do stupid things like double up on positions or trade without a stop. I will stop trading for the rest of the month at $20,000 per $100,000."

What do you think?
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Sounds good to me. Go for it buddy. My daily profit rules is +$400, I stop trading.

Make sure you add in the rules "Daily/Weekly Loss Limit to Stop Trading for the Day/Week"
 
Evermore2017 said:
My target daily average goal for intraday trading is $500 per day per $100,000.
What do you think?
More...

Plenty of folks will cry foul regarding having a daily profit goal, but i like the idea.

My goal is very similar. Currently ...
up .5% minimum goal
(time of day at .5% determines if i press on)
up .75% quit for the day
down 1.5% quit for the day
 
I try for +$200 per day, it's more of a force myself to trade and make money, to be honest, I'll keep trading until 30mins after to tired to think straight and given all the profits back generally.
 
Turveyd said:
I try for +$200 per day,
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Big difference between a goal/challenge vs. an arbitrary limit. Especially as has been mentioned, based on account size or percentage of size. As we all know, the account size only affects trade selection, and has absolutely nothing to do with trade outcome.

Goals are designed to be attained, and exceeded.
Limits PREVENT progress.
 
tiddlywinks said:
Stop focusing on the profit side right now!
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I knew that view was quickly coming :)

If one trades only the same 1 or 2 instruments every day, there are bound to be far, far greater opportunities on some days than others. Which factor alone, makes a very good case for no profit targets.

But in keeping with your advice ... "Stop focusing on the profit side right now!" ... what do you prefer to focus on?
 
You should focus on the risks instead of profits. What about a goal of $500 of loss maximum and then, no trade the next day if this "goal" is met. (analysis, why the loss.. and paper trade only).
The profits will come.
 
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