Revisiting an old Poll, Do you clearly and specifically predefine your profit target?

[schweiz]

I want to get the entire trade to break-even (actually to break-even + 1 tick), though, because avoiding drawdowns is more important to me than making profits.

I don't do that, as it costs me more money. I have a very high win/loss ratio so the impact of a losing trade is smaller then the impact of being stopped out from a profitable trade while trying to avoid losses. I do put a fix stop, but when the stop is hit I lose money. But with a drawdown that never reaches 30% I can live with that. Recovery time is also less then 24 hours so losses are irrelevant.

 

[SimpleMeLike]

I don't do that, as it costs me more money. I have a very high win/loss ratio so the impact of a losing trade is smaller then the impact of being stopped out from a profitable trade while trying to avoid losses. I do put a fix stop, but when the stop is hit I lose money. But with a drawdown that never reaches 30% I can live with that. Recovery time is also less then 24 hours so losses are irrelevant.

Hello schweiz,

For me, I struggle on the who breakeven part. My bigggest concern is breaking even and price then take off to make more profits. I do not like fake stop out where I get stopped out and the price go in the original direction. That burns me up.

I really don't care about the loss, as long as it's not a fake out.

Regarding profit targets, I now know in order to make the big money, I really have that management that trade. Just exiting at the next resistance level if long, may not be the best trade management.