I wonder if you can guys can tell me your how you approach profit targets daily / weekly / monthly.
I read something yesterday that applied to me, i have had only 1 losing day this month (arbitrary loss of -$150) which is minor.
However, my target has been to average 4 ES points daily and hence 20 ES weekly. This is not per contract, so the target is relatively simple to achieve most days.
Problem is that because i was winning and actually averaging 9 ES per day and 4-5% capital gains weekly (again not per contract - my contract size varies from 1-6 contracts, 4-6 rarely used unless very high probability win), that eventually i was going to have a losing day - chase the loss and again try to end up with a winning day.
This came true yesterday, with a minor loss in the morning affecting my whole psychological balance - i was determined to stay disciplined but unfortunately i could not. Ended up getting chopped for a loss of $1500 until afternoon.
Luckily, and i say luckily that i regained most of this loss with the last blast upwards in the afternoon.
My question is of consistency; losses are inevitable in this game - how do you guys approach your targets. Do most try to do what i do - make small gains each and every day or do you accept that some days will be losers and go for a few home runs each month.
I feel i am in for a massive down day - by which i mean 2-3 grand as due to my consistency approach - as represented my my performance yesterday that i am finding it harder and harder to lose on any given day.
Is my approach foolish or is the consistent results proving i am on the right track? Any thoughts and advice will be welcome.
