What's the point in using "targets"?

[Buy1Sell2]

Quote from kiwi_trader:

doesn't matter what I say, I've given people my whole method and watched them lose money with it (or find it too boring and go back to something more exciting like chasing big wins).

Big wins are where the big money is. As long as we have people who think otherwise, I (and others) will continue to be very very successful, including brokerage firms who are the big beneficiaries of overactive trading. Successful trading is boring. It's best to be bored when trading.

 

[cashmoney69]

Quote from HiFreekTrader:

I see many use "targets" as exit rules. Like sell when price rises 10 points from where I bought; or sell if price drops 2 points from where I bought.

But the market price does not depend on where you bought! So WTF.

People who dont set targets are buy and hold investors. Is that you?. The point in using targets is so you have a goal, but also some kind of mm (money management) in place.

If you dont set a target, then how do you know how much risk to take on a trade?.. you dont know, because you dont have a risk reward ratio. If I'm looking for 10pts, I'd only risk 3.3pts.

 

[fearless9]

Quote from fearless9:


Never forget.... A good Trader is only here to make money, the points are just a means to that end.

At first this may seem self evident, but a short time trawling through ET will convince you otherwise

I will bring this back up because it is the ONLY thing that a good Trader is focused upon.

I suppose by their very natures, Traders or either Position, Swing or near Scalpers/ Scalpers and therefore it is most important to realise who you are and then stay with it.
Dont try another style just because it seems more sexy.

Therefore any conversation about who and what iare correct and who and what iare wrong is a direct reflection upon the Poster, not the subject.

I could demonstrate very simply that rapid big lot trading on something like the ES RTH morning session will provide the best ROI. But it is better that individuals work this out for themselves if they are sufficiently interested.

If this style of trading suits you best, then naturally your mind will stray towards targets and limits to best take advantage of price thrusts.

If position trading is your bag and you think big, then your surplus brokerage account balance against that of a near scalper will need to be in the order of the cash price of a rental property or two, or three.

In the end it will all come down to what style suits you best and a clear understanding of this may help reduce the number of broad sweeping assertions that make ET both famous and entertaining.

 

[cashmoney69]

Quote from kiwi_trader:

Gotta give them hope Rocko. And it doesn't matter what I say, I've given people my whole method and watched them lose money with it (or find it too boring and go back to something more exciting like chasing big wins).

Very nice proof Jem.

I'd like to read about your method. Where on ET do you talk about it?.

cm

 

[maxpi]

Quote from Buy1Sell2:

No--this is indeed the essence of successful trading.

4900 posts and you think the essence of trading is letting your winners run... LOL ET is such a.......... non rewarding experience anymore. Essence.... LOL ...indeed even... I am losing it here.

 

[fearless9]

Quote from maxpi:

4900 posts and you think the essence of trading is letting your winners run... LOL ET is such a.......... non rewarding experience anymore. Essence.... LOL ...indeed even... I am losing it here.

Is it just my imagination or has all the fun suddenly drained out of this thread.

 

[Buy1Sell2]

Quote from maxpi:

4900 posts and you think the essence of trading is letting your winners run... LOL ET is such a.......... non rewarding experience anymore. Essence.... LOL ...indeed even... I am losing it here.

I knew the essence of successful trading before I made the very first post. Trading is very very simple. Most participants try to make it very difficult.

 

[Buy1Sell2]

Quote from jem:

.


buy1 sell 1 - do you realize that as you enter and hold - jack hershey will be making three times the daily range each day you are holding.

Here's the other part of the deal-- While a trader is glued to his/her screen attempting to make 3 times the daily range, I am out living my life. Quite possibly, I am getting three times the daily range of life.

 

[fearless9]

Quote from Buy1Sell2:

Here's the other part of the deal-- While a trader is glued to his/her screen attempting to make 3 times the daily range, I am out living my life. Quite possibly, I am getting three times the daily range of life.

You are woobling off course again B1S2.

The question is "What is the point in using targets?"

Given the way in which you describe trading, then your answer is 'none'

Why do you not just say so and move on.

 

[Buy1Sell2]

Quote from fearless9:

You are woobling off course again B1S2.

The question is "What is the point in using targets?"

Given the way in which you describe trading, then your answer is 'none'

Why do you not just say so and move on.

Targets are probably good for the intraday trader. Those folks should still let their trades run to the full target. As for the wobbling off course, I was responding to someone else's post.