Quote from giggollo:
I was referring to the "daily target" that was suggested by a previous poster. I think if im winning on a given day i need to try to make more because the factors contributing to my success (which i may not fully understand) are there on that day. However, its on the losing days that i need to "call it a day early" coz the environment isnt one in which i can profit, and my psychology could be impacted etc...the idea of calling it a day after making X dollars doesnt make sense to me
I completely understand your point. But, you also have to factor in what's the profit target is going to be?
so, how much (an average)% do you make everyday usually with regards to your account?
For someone that has a daily profit target, they are taking a bit more risk to be shooting for a lot more, like 3-5% target in one day.
Also, for people that say you have to take 100% trades and take them when good trades are there no matter how much you are up for the day, or even if you met your profit target... What I noticed is that THEY are USUALLY POSITION TRADERS, or SWING TRADERS.
Thus, there are three variables here....
1) scalp or position/swing (shorter term traders go in with a profit target since they have ample enough signals, while swingers needs to have it set up)
2) how much you are shooting for? (for position traders, its whatever the market can give it to you, but for short term trader, its how much can I take out of the market and how much is enough for the day)
3) profit target and taking all trades. (this is commensurate upon the last two... the more money you want, the more you are willing to take a little bit more risk and call it quits.)
Everyone has to find their own niche. There is no right or wrong way to trade...
edit: there are 3 variables.. sorry !!!
