Weekly Profit Targets - Commodities Futures Trading | futures io social day trading
futures io futures trading


Weekly Profit Targets
Updated: Views / Replies:1,612 / 3
Created: by evilmrkipling Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Weekly Profit Targets

  #1 (permalink)
Elite Member
Spain
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: CL
 
evilmrkipling's Avatar
 
Posts: 11 since Feb 2011
Thanks: 2 given, 3 received

Weekly Profit Targets

I'm thinking about implementing a weekly profit target. To stop greed getting in the way of making a consistent profit.

Last week for example I was up 700 usd and instead of calling it quits I traded one more day and gave back 400 usd of profit. In this example if I would have implemented a profit target of 500 usd for the week. I would of finished up the week; quicker, happier and richer.

What are your thoughts on the pros and cons of a weekly profit target?

Reply With Quote
 
  #2 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
Posts: 1,653 since Oct 2010
Thanks: 1,217 given, 2,067 received


evilmrkipling View Post
I'm thinking about implementing a weekly profit target. To stop greed getting in the way of making a consistent profit.

Last week for example I was up 700 usd and instead of calling it quits I traded one more day and gave back 400 usd of profit. In this example if I would have implemented a profit target of 500 usd for the week. I would of finished up the week; quicker, happier and richer.

What are your thoughts on the pros and cons of a weekly profit target?


This is one case scenario, It could have happened all the way around. Since I don't know your profitability and expectancy I cannot judge. As far as I am concerned my limits are based on the number of daily trades, 2/3 no matter what are the profits or losses. I can increase to +1 if the day is good or decrease to -1 if I have a bad start or bad feeling. My trading is discretionary and based on Price Action, therefore If the market allows me, I let it run if am in a good mood and I stop trading if not, regardless of PNL.

Reply With Quote
 
  #3 (permalink)
Just starting out...
Dallas, TX
 
Futures Experience: Advanced
Platform: THINKORSWIM,TRADESTATION
Favorite Futures: /ES /CL
 
Posts: 11 since Feb 2011
Thanks: 2 given, 4 received



evilmrkipling View Post
I'm thinking about implementing a weekly profit target. To stop greed getting in the way of making a consistent profit.

Last week for example I was up 700 usd and instead of calling it quits I traded one more day and gave back 400 usd of profit. In this example if I would have implemented a profit target of 500 usd for the week. I would of finished up the week; quicker, happier and richer.

What are your thoughts on the pros and cons of a weekly profit target?

In my experience It is better to have weekly and daily goals. My daily goal is $200 a day with up to 4 trades daily loss limit of $100. My weekly goal is $800 with four days of trading with a weekly loss of $400. If I hit my $200 in one trade im one and done. Same thing if I lose $100 in one trade this makes me think and examine my every trade carefuly. And if for some reason I hit $800 in two days and then im done for the week. Having a plan and trading it is all part of good discipline.

Reply With Quote
 
  #4 (permalink)
Trading Apprentice
Los Angeles, California
 
Futures Experience: None
Platform: Ninja Trader
Favorite Futures: oil, gold
 
Posts: 34 since Mar 2011
Thanks: 0 given, 6 received

My strategy is strictly to protect against loss. I have a 63% win rate +- 9% so I trust that in the long run I am profitable.

I set limits on the number of trades I make in one day. Since trading is not my only source of income I don't put as much pressure on myself to perform well. And I don't panic as much when I lose.

On any given day I can't make more than 5 trades. Per week thats an average of 15.75 profitable trades and 9.25 losing trades. On good weeks I'll make 18 good trades and on a bad week I'll make 13 good trades. which is still above 50% win.

This limits my profits but it also limits my losses. I'd rather live to trade another day than to risk it all on an unrealistic shot at instant wealth.

Reply With Quote

Reply



futures io > > > > Weekly Profit Targets

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Automated Strategy with two profit targets rexman00799 NinjaTrader Programming 6 July 23rd, 2010 10:59 PM
Weekly OHL Indicator christof21 NinjaTrader 2 July 10th, 2010 07:43 PM
Weekly Leading index from ERCI philloo Traders Hideout 3 April 21st, 2010 07:20 PM
Targets + Stops max-td Psychology and Money Management 24 September 14th, 2009 06:41 PM
no daily or weekly charts alpine4133 Traders Hideout 1 September 12th, 2009 11:54 PM


All times are GMT -4. The time now is 12:21 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.09 seconds with 19 queries on phoenix via your IP 54.221.93.187