how to set target?

Thanks for the question Jack, I hope Nitro responds! I am curious what he has to say abot this.

I personally "spreadsheet it" and curve fit the set up for future targets and stop levels.

I have often thought that the slope of an MA could be used to catagorize the set-up into a "measure of velocity" and put it at a stage 1 for steep slope ranging to a stage 3 for a mild slope.

I know, you know all of this..........you are just asking questions to stimulate conversation...... or you are teaching? surely this is not an example of the blind leading the blind.....lol

Michael B.
 
Hi!

Actually, I want to ask:

Is it better to set an easy target (e.g. 10% gain per year) than to set a harder one(e.g. 100% per year)?

Many people think setting an easy target could make you perform better (or at least finish the job easier). But I heard some people said, it would make you underperform. A higher target, which even you could not achieve, is a driving force to make you work harder, think harder. I know some people need pressure in order to finish the job but some are just the opposite.

I ask this from a psychological point of view. I am not asking for the probability of hitting targets.

Quote from Girlpower:



The thread title talks about targets (which could mean bigger picture or individual trades targeting in the contest of trading, or even daily targets etc.)

The question (above) talks about goals, which may mean individual targets for trades, but is more usually used for bigger picture things not necessarily directly related to the actual activity of trading other than trading being the means to achieve the goals.

The thread has been placed in the psychology forum which tends to be more esoteric than trade strategy.

0008.

Could you clarify what you are asking about, since there are clearly many possible interpretations of what you are asking with very different types of answers being appropriate to the different type of question?

Best

Natalie
More...
 
Are you suggesting that you will quit when the annual target is reached? For example the 10% could be reached in the first week of the year, then you could take the year off?

I do not think this is what you mean.

Setting goals, targets and setting money as a motivator is a good thing. But in the "career of trading" and mastering your abilities based upon your results could be frustrating.

It is humbling not to reach your target or to have a losing year. Chasing down the losses by taking bigger chances and basing decisions on your current condition is NOT advisable. You are setting the stage for failure.

Setting goals and taking baby steps towards them is a good thing. But to base your success upon your results could be unfulfilling. Try to break away from thinking in terms of dollars and think in points. Challenge yourself with learning your set-up (s) and taking from the market what it will give.

Michael B.
 
If you are able, share with us a little about yourself. Where are you at in your trading, life and outlook? Your age?

Are you an investor entering into the Futures market?

Do you have experience? Do you consider yourself successfull? Why? what makes you successfull?


Sorry for the personal questions, and I can understand if you feel uncomfortable to share such personal things in an open forum of strangers.

For your post to be expounded upon further it would help if you could share some more about yourself. There are many voices of experience in here that can help.

Thanks for post, and hope this helps. Your thoughts and questions were from a serious trader-to-be I think. You are on the road to success and by your pondering upon this day-to-day operational theme, your are imagining the vision of being a trader. When forming your identity and viewing your life goals do not set yourself up for failure. Some quote numbers in here about how many traders fail. It does not need to be this way for you. I simply took the negative side because you are statistically in that catagory and I know nothing about you to identify my experiences with.

Michael B.
 
I would echo Michael's comments, but add that a money target in itself is not really a goal.

A goal might be moving into a particular house or area or something along those sorts of lines, having a timeframe to do it which is realistic and achievable.

Aiming for $10000 in a year is not really a goal as such, and just a meaningless financial target that could be achieved in 1 trade if enough size was played.

Thinking in $$$ is going to be a big problem too when moving up in lot sizes, because the numbers get scary. Thinking in points remains the same and the only thing that changes is the lot size.

Basically more info needed to truly answer your questions here...

best

Natalie
 
Quote from 0008:

In psychological point of view, is it better to set an easy goal than a higher one?
More...

Only you can truely answer this question. Get rid of the self-limiting views society has imposed on you. Look deep inside and you will find the answer.

Define what you want out of life.
Develop a written plan for its achievement.
Fix your mind on that plan and do not let anyone stop you.
Visualize where you want to be, see it in your mind every day.
One day it will come if you truely want it.
The mind is a powerful thing.
 
you reach your recent max daily gain

early in the day ? say before 9 or 10 am EST ?

should you be prudent and step aside
for the rest of the day ...

or try risking only a small amount of that days
gain ... just in case you are on a really hot streak?

no way I will go crazy here .... trying to build confidence

and improve my discipline.


:)
 
How about not setting an imaginary target at some point in the imaginary future
How about focusing only at the opportunities as they present themsevles to us now
Imaginary pasts and futures only function to distract attention from the present
 
Quote from 0008:

In psychological point of view, is it better to set an easy goal than a higher one?
More...

Your question is subjective, and so will the answers you receive. I will take the liberty of using goals and rewards synonymously. With that liberty, I advise that you look at the limit in the reward of every trade as a point at which the reward or risk of the masses will create the limit. Support and resistance zones are a testament to this. Prices do not come to a halt at these levels because of shear coincidence. Aside from the self fulfilling prohecy, these levels are usually breakeven points for the people who entered before you. I have said a very long time ago, "We trade people, not stocks." Emotions like greed and fear, drive the perception of supply and demand, which drive the prices, and the volume and momentum at which they change.

In short, focus on executing each trade properly. The sum of that repetition will put you well beyond any goal you iever magined.
 
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