Daily target? - Psychology and Money Management | futures io social day trading
futures io futures trading


Daily target?
Updated: Views / Replies:906 / 8
Created: by browntb 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
 

Daily target?

  #1 (permalink)
Trading Apprentice
Houston, Texas
 
Futures Experience: Intermediate
Platform: E Signal
Favorite Futures: NQ
 
Posts: 3 since Oct 2011
Thanks: 4 given, 0 received

Daily target?

For those of you that are intraday traders and operate with a daily target, what do you do about a day like this with a lot of price action and opportunties? Do you still stop at your target or take advantage of what the market is doing and keep going?

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,231 received


 
Thread Moved


Moved to Money Management



When creating a new thread, note which subforum you are in. Here is a short list of suggestions:

- Topic: Anything to do with an Elite indicator -> Subforum: The Elite Circle
- Topic: Looking for an existing indicator, or how-to use an indicator -> Subforum: (the platform)
- Topic: Programmer needing help with non-Elite indicator -> Subforum: (the platform) - Programming
- Topic: Want an indicator created/modified -> Reply to "Want indicator created free" in Elite Circle
- Topic: Vendors (trading rooms, commercial indicators) -> Subforum: Vendors/Product Reviews
- Topic: Discussion of Forex or Currency trading -> Subforum: Forex and Currency Trading
- Topic: Journals of your trading -> Subforum: Trading Journals or Elite Trading Journals
- Topic: General trading related discussions -> Subforum: Traders Hideout
- Topic: Discussion of a trading method -> Subforum: Traders Hideout
- Topic: Automated Trading -> Subforum: Elite Automated Trading

Last, any Elite Member may create more or less any of these topics in The Elite Circle at your own discretion (your support is appreciated).

This is just a short general list and doesn't cover everything. If you are unsure where to create your new thread, just create it in Traders Hideout and a moderator will move it if necessary.

-- Big Mike Trading


Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #4 (permalink)
Urban Samurai
Chicago IL
 
Futures Experience: Intermediate
Platform: Ninja, MT4,TOS, SC, Matlab
Broker/Data: CQG, AMP, MB, DTN
Favorite Futures: E/U, G/U
 
forrestang's Avatar
 
Posts: 1,039 since Jun 2010
Thanks: 226 given, 688 received

I think its a double-edged sword.

I think a person without the ability of identifying profitable market opportunities is just as likely to be burned with/without daily profit targets.

Reply With Quote
 
  #5 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Answer
This post has been selected as an answer to the original posters question Answer

When you say target(in the context given) you make it sound as if it is fixed at a particular amount like 10 or 20 ticks or something.
If such is the case you are already making a mistake. You really should be focusing on going to the next area of support or resistance and adjust possibly depending if you get contrary p/a along the way. If for example you were trading to a pivot you might want to see if it goes through and if it does then move your stop just on the other side to give it the chance to keep going. That is one way to help maximise profits.

If that is not what your lookiing for and instead are asking if you should continue to trade after you have made what you consider to be ample profit for the day, the answer is yes keep trading....if your on a roll keep going. That is obviously a pretty generalised statement in that you probably don't want to initiate a trade 5 minutes from the close and so on but I think you know what I mean.

Reply With Quote
The following user says Thank You to kbit for this post:
 
  #6 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
 
Private Banker's Avatar
 
Posts: 1,040 since Jul 2010
Thanks: 1,713 given, 3,759 received


browntb View Post
For those of you that are intraday traders and operate with a daily target, what do you do about a day like this with a lot of price action and opportunties? Do you still stop at your target or take advantage of what the market is doing and keep going?

This is a difficult hurdle that many new traders battle with when starting out. It's best to not focus on the amount of money you're making and better to focus on developing and perfecting your system/edge and money management. I know it sounds cliche' but it's the truth. You shouldn't be relying on trading as your sole source of income as well when starting out as you'll be putting unnecessary pressure on yourself to make a certain dollar amount. So, make sure to have some other way of paying the bills until you are a consistently profitable trader.

So, to your question, I do look to "average" a certain amount per day but the way I approach it is based on the day's market mood. For example, a high volatility day will provide many opportunities throughout the day and it's important to press hard on those types of days as they are day trader's gifts. And then on low vol/tight range days, you just have to try and again get the most out of the day which will be a bit less. But I look to try and get a certain number of winning trades vs. a monetary goal as the money clearly takes care of it self.

But don't get wrapped up in the $100 a day concept as your back will be against the wall at all times. Many new traders do this and have one bad day that wipes out the entire gain they've accumulated as they 1) haven't taken enough out of the market and 2) do not have good money management systems in place.

Reply With Quote
 
  #7 (permalink)
Trading Apprentice
Las Vegas, NV/USA
 
Futures Experience: Beginner
Platform: Ninjatrader
Favorite Futures: ES, CL
 
Posts: 10 since Sep 2011
Thanks: 4 given, 1 received

Perhaps a hybrid of some sort? Once reaching whatever the daily goal/target is, "trail stop" the P&L. As in, allow yourself to take subsequent trades (ideally only your premium setups), and then close up shop for the day whenever that P&L trail stop is hit. That way, you don't turn an otherwise profitable day into a losing one (which drives most people nuts I can safely assume, and also has the danger of snowballing into bad/worse habits in order to "get back to even").

Reply With Quote
 
  #8 (permalink)
Elite Member
Dartmouth NS
 
Futures Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker/Data: IB / IQFeed / Kids
Favorite Futures: Forex, stocks
 
bnichols's Avatar
 
Posts: 638 since Feb 2010
Thanks: 64 given, 459 received

I think the decision depends on how & why one has defined a daily target, mainly what role the target plays in your system. For example, if the target were established because testing shows statistically its the point at which your system starts to crumble it's probably unwise to break the rules and continue to trade. If the target were pulled out of the air (i.e., it's this month's rent, or $100/day and I can quit my day job ) then it's probably not a meaningful target in any event.

I picked daily targets and traded past them regularly on paper in the early days for the experience of trading (up to 20 hours/day). Three things that taught me were

1. we can earn only what the market & one's trading system are going to provide that day;
2. not to trade for any reason other than one's system has identified a setup and generated a trigger; and,
3. don't trade when judgement is impaired (i.e., if fatigue at the end of a long day spent trying to make a target, say, has overwhelmed common sense)

These days I don't use daily targets--decision to trade is based solely on whether the market is active and my system "likes" the action (profitable within spec), and whether I'm up for it.

Reply With Quote
The following user says Thank You to bnichols for this post:
 
  #9 (permalink)
Trading Apprentice
Russia\Moskva
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: 6E
 
Posts: 6 since Nov 2011
Thanks: 0 given, 1 received

I'm still not ready to throw most of the work and go to the market to earn , while 100% certainty not. but with each day, increasing the cap ital I near this dream into reality . and still I accustoming your brain to consider a profit of $ a profit in points... so probably more correct?

Reply With Quote

Reply



futures io > > > Daily target?

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
EasyLanguage Daily Profit and Daily Loss limit in strategy Big Mike EasyLanguage Programming 11 May 12th, 2016 02:50 PM
Scalping with a target less than stop Twiddle Traders Hideout 19 November 20th, 2013 02:00 AM
Daily maximum target for Multiple trades scartree NinjaTrader Programming 2 December 21st, 2010 08:37 AM
What is the best way to work out your profit target? pyekorn Psychology and Money Management 14 July 22nd, 2010 02:14 AM
where should profit target be placed? anniebee321 Beginners and Introductions 9 June 7th, 2010 08:38 AM


All times are GMT -4. The time now is 06:17 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 2017-12-14 in 0.12 seconds with 35 queries on phoenix via your IP 54.160.245.121