You can set a profit target in a couple ways. If your daily loss is $ 300, your daily profit could be $ 300. Or you could set 8 trades during the day and agree win or loss not to do more.
How do you determine daily profit target?
- Thread starter povstanets
- Start date
Are you talking about a target per trade, or for the day?
Per trade, I aim for 5 points, and keep half as a runner until it crosses a moving average against the direction of my trade. My initial risk is 1.5-3 points. I have a daily loss limit of $1,000 but I never hit it. I also trade /CL, but that's entirely different.
Per trade, I aim for 5 points, and keep half as a runner until it crosses a moving average against the direction of my trade. My initial risk is 1.5-3 points. I have a daily loss limit of $1,000 but I never hit it. I also trade /CL, but that's entirely different.
If you trade 2 contracts you can lose twice as much - agree?
You want to set a daily target in a market where BIG corporations spend millions and millions of dollars to develop automated trading to take minute profits every few seconds - are you really sure you want to take on these people with a few textbooks and a few dollars in your account!
And now you are talking about being down 12 points in a day!!!!!!!!
What might help you, is, think of a river, and how water can not flow up, but can meander in and out of all the crevasses as it finds its way down to the ocean.
This is not a futures chart, but it is close enough to give you an idea of what you might be better off looking at, as I have no idea what you are looking at now to come up with throwing away 12 ES points per day to the real professionals - for, the ES is their home ground and they don't think twice about beheading the small little retail traders who decide to pay madame guillotine a visit
Hope this helps you come to your senses?
As for bad days - never let them happen, every day is a trading day - win or lose!
J_S
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Is that TWS book? how can u see market depth so large?
If you have a "daily profit target", the good news is that something about the future is known for a fact, a fixed quantity that we know now before the event. The bad news is that this known fact is: Your account balance will eventually reach zero.
Yes, cause eventually you'll die and the Sun will explode / implode and everything would of been for nothing.
But in the mean time, you can make money and have some fun with it, so play on
Plus it'll reach a level, where there isn't enough to trade, which is way above zero, so ha WRONG again, Mr Pessimistic!
you can make money and have some fun with it, so play on
Sounds like an add for a casino to me
Just someone who doesn't take life and money to seriously, lifes just to short and money is just money.
I'm also profitable, if my account does go to near zero then I've still made money and had fun making and spending it
Just someone who doesn't take life and money to seriously, lifes just to short and money is just money.
I'm also profitable, if my account does go to near zero then I've still made money and had fun making and spending it
Good for you that you are having a good time; certainly puts your posts into perspective for me.
So....
"The bad news is that this known fact is: Your account balance will eventually reach zero."
Isn't a fact, it's a highly probable out come, but it's not a FACT!!
He could get hit by a bus before it gets to Zero, see ha!