Do you have a daily profit target? | Traders Hideout


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Do you have a daily profit target?

  #7 (permalink)

Albany, New York, USA & sometimes Central Florida
 
Trading Experience: Intermediate
Platform: Tradovate+Jigsaw, TOS
Broker/Data: Tradovate/CQG, TOS/Pony Express
Favorite Futures: Energies, Indexes, Grains
 
Posts: 153 since Mar 2016
Thanks: 487 given, 328 received

I like how MShead put it as well. An arbitrary number does not take into account market conditions, mindset, or any of the components that allow me to trade well. It sounds silly but what limits me the most is my mindset or emotional condition that usually manifests in fear, disgust, or euphoria. The next thing that limits me most is market condition that cause me to misread or lose edge.

When I started trading a daily profit target was exciting and natural. I mean I am trading to make money right. It also arbitrarily kept me from giving back once I reached expectations.

Truthfully I still have a daily $ goal in the back of my mind but I would like to get rid of it as it is not anchored to what good trading is. Some days I have made 3X's my target with good conditions in me and the market and other days I have forced trades trying to get that one more trade to reach the goal and ended negative.

I am still learning and trying to figure everything out but have come to believe that process is the goal. $ Average will follow.

Mighty

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