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Goal setting to increase profits?
Started:May 16th, 2011 (12:43 PM) by Laguna Views / Replies:1,191 / 3
Last Reply:March 14th, 2013 (10:56 PM) Attachments:0

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Goal setting to increase profits?

Old May 16th, 2011, 12:43 PM   #1 (permalink)
 Vendor: www.alphawavetrading.com 
laguna beach, ca
Futures Experience: Advanced
Platform: Ninja Trader
Favorite Futures: TF
Posts: 14 since Mar 2011
Thanks: 2 given, 8 received

Goal setting to increase profits?

hey Guys,

I would love to hear from you re/ What helps you to make continuous progress with profits? Is it via daily/weekly/monthly goals? Is there is a method to go by? What's the key? Increasing contract size did not work for me: a bit of a nervous Nelly..And feel like I am goofing off and happy with little money: generally if psychologically I am on edge: I walk away even during great trading days. Shall I not? Would love to conitnue growing as a trader, and will appreciate your comments.

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Old May 16th, 2011, 02:52 PM   #2 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

I don't have any goals...daily, weekly or anything else. I think that's dangerous, just take what the market gives you. Specific advice is hard to give...without a LOT of screen time you may not fully understand but, generally you should (if your a TF trader for example) wait till 10:00 to initiate a trade ,don't trade the lunch hr and come back after 2:00 and look for another trade. Like I say this is VERY general, in time you'll pick up on the nuances and so on. I can't elaborate any more without "writng a book". On the issue of nervousness, you have to be certain of your methodology. If it has a high sucess rate then you will have the confidence to stay in trades. Perhaps you should do more backtesting or live trade on demo/paper untill you gain more confidence.

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Old May 16th, 2011, 03:22 PM   #3 (permalink)
Elite Member
Portland, OR
Futures Experience: Advanced
Platform: thinkorswim
Broker/Data: TD Ameritrade
Favorite Futures: Metal, Energy and Index Futures
Massive l's Avatar
Posts: 1,440 since Mar 2011
Thanks: 907 given, 1,753 received

^kbit has some great advice.

Just keep at it and take your time. Your mind will let you know what the next step is if you listen to it carefully.
Don't predict what the market is going to do, let it tell you what it's going to do.

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Old March 14th, 2013, 10:56 PM   #4 (permalink)
Trading for Fun
Sunnyvale, CA
Futures Experience: Advanced
Platform: TTTrader
Favorite Futures: CL
Posts: 160 since Dec 2012
Thanks: 8 given, 93 received

You definitely should not double up on your contracts as a way to get more profit. This will bite you in a big way. If anything you always want to trade way more conservatively than you are actually capitalized for. You always need to make sure you have reserves to withstand drawdown periods.

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