Quote from rickytrader:
Correct I net 60 bucks a day+/- trading one contract...making 4-8 trades a day.
...
Just wondered what other guys are aiming for on a daily basis.
Do most take 5 point moves...30 points moves? I know the answer will be "what ever the market gives me" but as far as a goal ecah day...
Personally, I no longer have a daily goal. But when I started out and
after I knew that I knew what I was doing, I used a daily % portfolio goal... with a small account, it's the only way that made sense to me. Back then my daily goal was 8% of portfolio. Doesn't mean the goal was met each and every day, but by keeping losing days well south of 8%, come the end of the month, all was good!
Nowadays with 100pt+ ranges almost the norm I go for capturing 25% of the range, average per contract. Same applies on narrow range days when scalping is the only way to make things happen. In essense this is just a measure for me, used to tweak my trading. I mean if a daily range is say 100pts, and I capture a TOTAL of say 200pts with say 20 r/t for the day,
who cares that I didn't average 25pt per car. Yet the carrot dangles!
I recently had a conversation with my 11yr old nephew (whos facinated by rt charts btw) regarding "what I do". We "traded" in/out scalps for about 15m and after several winners and losers, ultimately he had 20 $5 bills in his hand. I told him now he had to pay commission for the opportunity to earn the money. And then I had him give me back 16 of bills. He was disappointed at first, but he was still smiling. Take away what you will.
Osorico [Sunday morning coffee buzz is fading]
