Which trading goal is best and why?

Quote from spike500:

The best and only goal is to take what the market offers. Sometimes it's huge, sometimes it's poor.
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I think I will take baby steps and start with a variable daily goal based on what daily average is needed, during the month, to achieve the overall monthly goal.
 
For myself, I think in terms of weekly goals. Another factor you have to consider is what kind of set ups you like to take and what the market is doing on a particular day. If you like to trade with the trend or counter trend trade and the market is trending a lot, it is a disservice to yourself to quit after perhaps one successful trade then look later at all the opportunities that you missed because tomorrow, it may be rangy. And, vice versa.
 
Quote from browntb:

For myself, I think in terms of weekly goals. Another factor you have to consider is what kind of set ups you like to take and what the market is doing on a particular day. If you like to trade with the trend or counter trend trade and the market is trending a lot, it is a disservice to yourself to quit after perhaps one successful trade then look later at all the opportunities that you missed because tomorrow, it may be rangy. And, vice versa.
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I like to mainly trade with the trend; however, I do have a counter trend setup I like to trade. Therefore after a bad day I generally see ample opportunities to make up some or all of those losses.

IMHO I believe the 2pt. a day goal per contract approach was an attempt to control Greed and Fear. Greed (overtrading) is some what eliminated and Fear (losing an early gain by the end of the day); however, the fear is still there, but in a different form. The fear now is having a bad day and waiting days or a week to make it up.
 
Setting digital goals is for people who love to plan, who used to manage their goals, but mkt is unpredictable, you should live in harmony with it and take what you can take. Otherwise you'll think about goals more than about mkt. Weekly or monthly goals are better if you want to use them anyway.
 
Quote from golablue:

Neither.

"Goals" force a trader into trading. That is to say, if a daily or monthly goal is set, and one is short of that goal, it will result in forced trades in order to accomplish the goal. That leads to disaster.

Now, on the other hand, if your targets have been developed as a result of understanding your "threshold," that's another story. If you recognize that once you've hit a certain profit level, your emotions tend to overrun your discipline, you should consider stopping.
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Nice answer.
 
Quote from steve46:

The general rule that I find most valuable is never lose more than you made the previous day.
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My goal is always today's loss less than yesterday's. Everyone knows why.:D
 
Quote from golablue:

Neither.

"Goals" force a trader into trading. That is to say, if a daily or monthly goal is set, and one is short of that goal, it will result in forced trades in order to accomplish the goal. That leads to disaster.

Now, on the other hand, if your targets have been developed as a result of understanding your "threshold," that's another story. If you recognize that once you've hit a certain profit level, your emotions tend to overrun your discipline, you should consider stopping.
More...


I'm having my best month and this has happen to me over the past couple of days. I feel I set a goal after having a great month so far and it has contributed to me trading poorly over the last 2 days, mainly forcing trades and feeling that I should be up more money on a giving day.

Any suggestions to prevent a downswing? I day trade the 10 yr. Mainly looking for momentum setups, i tend to trade poorly within ranges...The last couple of days I found my entries were too late getting in at terrible prices(at the end of the trend).
 
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