In the beginning of your trading career, you need to work with a mentality of covering up your losses as you are a learner at that point. With the passage of time you have to increase your weekly and monthly targets. I am sure the things will get better with the passage of time. Am I right?
How much income do you need from trading?
- Thread starter eaglefeather
- Start date
Actually, Variss, although targets are widely used throughout organisations, I think they're spurious in trading. I think its just another concept that is incorrectly translated from business to trading, and there's plenty of them. Setting targets won't make your trading less risky and more profitable, it won't improve your strategy, your win rate, your r:r, your market selection or your timing. What it very well might do is incentivise you to accept greater risk.
agree
and its not the target that matters , but based on what rules it was set.. often its even impossible to set the target , which does not mean the trade should not be taken if the there is signal from the method
Way off. Way way off.
If you aim for results, you will have no idea of your strengths or weaknesses. (And so, a truism: "One of the worst things for a beginning trader is to make money from a bad trade.")
If you focus instead on process, your profits will result, within a range, and for the long run. They will follow from a robust trading regime that undergoes regular inspection, tweaks, further practice.....
method is#1 , measure what matters , find commonalities in what works and what doesnt , can you use these commonalities to produce rules that will provide incremental improvements . define probability using binary decisions empirically proven . Know your expectancy , set thresholds for the 2 inputs to expectancy metric . Know the probability curves and where the tail is . Explore risk of ruin and be aware of suitable position sizing to avoid it . Do the maths . Positive mindset comes from positive expectancy . HAVE a plan . break it down structurally and work on 1 aspect at a time and then bolt it all together . Dont worry about the money till you have a handle on all this . Get all the above correct to a high standard and the money will come . Read Thinking Fast and Slow and Evidence Based Technical Analysis . Prepare to take multi years to become a trader , its as hard as becoming a doctor . Quantify everything
all of it
1-2k a month...but I would like to get wealthy.
Es
Es