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If a weekly goal works for you then by all means implement it.
But perhaps rather than have a monetary goal you should focus on eliminating the over trading and other mistakes. I can envision overtrading occurring towards the end of the week if you haven't achieved your goal.
Your fear of giving back profits means you haven't accepted the risk of that trade.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Thanks for the input.
In response. No.
It's attempting to let base hit trades turn into home run trades. Edit - I'm a swing or few early, the trades eventually workout at times, but I get BE.
It's a greed factor. My goal for this month is to just take my base hit profits.
Essentially as I work volume profile trading in. I am trying to trade back to value/balance, but the market turns into an imbalance trend or even trends for a short period like a z day meaning consolidation widens. In part recognizing we have changed from a balance/consolidation phase into a trend/imbalance.
My zones are often correct with my preconceived price action that needs to occur. But timing is sometimes an issue as I am trying to integrate watching the orders and COT vs current price.
My own personal experience of having a daily $ target is that it puts me in an unnecessary pressure to trade until I hit my target.
My opinion is that you have to be like water and never go stale, but keep on flowing.
If right off the bat, you start banging out trades and hit your daily $ target in the first 2 trades, doesn't that mean that you are in tune with the market and should continue trading? Why should you stop? Just because you want to have that warm and fuzzy feeling of ending the day up and meeting your self imposed requirement? No... if you're in tuned, and on fire that day you should keep on betting and raising and check raising the market until you you squeeze out as many chips from all the other players as possible.
However, if right off the bat, you get whacked 3 times (full stop outs) and down or even hit your daily loss limit (assuming you have one.... lolz hahaha)... how do you continue then? Ignore the daily loss limit and keep on swinging? Or say stop because you're just not feeling the market, but then if you stop... you are not meeting your first requirement of meeting your daily $ target......
Again, I fall back to poker vs blackjack mentality. If you never played either, in general, Poker requires more skill, while blackjack mainly luck (unless you counting cards... but assume u not). In poker (no limit), the pros don't really set a daily target... if they are in the zone, you keep on playing. But in blackjack, which mainly luck is involved, hence more just gambling, you usually say if I win so and so much, I'll leave the table (sound familiar?).
This was the big issue that was eating me when I was aiming for a daily target, since then, I have ditched that idea and I trade more fluidly now.
