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How much is enough?
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How much is enough?

  #11 (permalink)
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23 ticks

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  #12 (permalink)
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tturner86 View Post
I have a flat rate of $100 a day I look for. It is based on the highly scientific research of my brain. I just decided that was an acceptable amount .

I really just take what I can get, if I am above my goal then great, if I am above my daily loss limit even better.


Is your $100 per contract or just total?

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  #13 (permalink)
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PandaWarrior View Post
Is your $100 per contract or just total?

Per contract.

I grad myself on how efficient I was in my trading. If I traded 2 cars and netted $100 that would be 50%.

My reason for it was to force me when I first started trading to look for larger and better setups. Not scalp for 5 ticks, but look for 5 pts. (NQ).

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  #14 (permalink)
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tturner86 View Post
Per contract.

I grad myself on how efficient I was in my trading. If I traded 2 cars and netted $100 that would be 50%.

My reason for it was to force me when I first started trading to look for larger and better setups. Not scalp for 5 ticks, but look for 5 pts. (NQ).

wouldn't that be per trade then?

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Itchymoku View Post
wouldn't that be per trade then?

It could be if I was trading only 1 lot. But if I took a trade with 2 lots it would need to net $200 total for the trade, or $100 per lot.

If it is less, then I am below my target.

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  #16 (permalink)
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Answer
This post has been selected as an answer to the original posters question Answer

If you have an edge, or a strategy that proves itself to be well structured, there should be no "enough".
I feel that if you are having a good day, why stop when you hit your daily "enough/target"?

I live by a saying that says..."Always be grateful for what you have, but never stop wanting more."
I don't feel that anyone should have an enough level, a level in which when they hit it, they pack up and go home. You should always push for improvement in yourself and your business. If you set a daily goal of $500 for yourself, you are automatically LIMITING yourself. How will you even know if you can do $750? What about $1000, $5000, $10,000, etc.
Be grateful for the accomplishments and blessings you currently possess, but always look to improve upon your current situation. I'm sure some will look at that and say it's greed, and if that's your opinion than so be it. Living like this isn't so much greed as it is growth. A life that isn't growing is dying, if your not moving forward your moving backwards. It's more of a healthy life practice in my eyes than it is "greed".

Do the absolute best that you can do every single day, always pushing to improve upon yesterday.

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  #17 (permalink)
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I agree


Limitless100 View Post
If you have an edge, or a strategy that proves itself to be well structured, there should be no "enough".
I feel that if you are having a good day, why stop when you hit your daily "enough/target"?

I live by a saying that says..."Always be grateful for what you have, but never stop wanting more."
I don't feel that anyone should have an enough level, a level in which when they hit it, they pack up and go home. You should always push for improvement in yourself and your business. If you set a daily goal of $500 for yourself, you are automatically LIMITING yourself. How will you even know if you can do $750? What about $1000, $5000, $10,000, etc.
Be grateful for the accomplishments and blessings you currently possess, but always look to improve upon your current situation. I'm sure some will look at that and say it's greed, and if that's your opinion than so be it. Living like this isn't so much greed as it is growth. A life that isn't growing is dying, if your not moving forward your moving backwards. It's more of a healthy life practice in my eyes than it is "greed".

Do the absolute best that you can do every single day, always pushing to improve upon yesterday.

But I dont think desire to improve yourself, or to make more money, is greed. In terms of trading, I think the corrosive nature of greed is seen when you are actually in a trade and you bend or break your rules to make more money, often accompanied by a thrill. That is when a trader loses his or her edge and is gambling.
But rationally assessing your performance and seeing how to improve without increasing risk significantly, is process improvement. That is a characteristic of almost all successful people I would think.
So what you outlined is a good thing and not greed at all.
Specifically for this thread i would say that if trades are presenting themselves that fall within your trading plan, keep taking them, assuming you are still alert/fit enough for trading.
and if there are no trades that day, you wont make any money. (the flip side of the same coin) And as you wisely point out, be grateful for your blessings that day any way! Cause it could always be worse!

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  #18 (permalink)
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trvlntrdr View Post
But I dont think desire to improve yourself, or to make more money, is greed. In terms of trading, I think the corrosive nature of greed is seen when you are actually in a trade and you bend or break your rules to make more money, often accompanied by a thrill. That is when a trader loses his or her edge and is gambling.
But rationally assessing your performance and seeing how to improve without increasing risk significantly, is process improvement. That is a characteristic of almost all successful people I would think.
So what you outlined is a good thing and not greed at all.
Specifically for this thread i would say that if trades are presenting themselves that fall within your trading plan, keep taking them, assuming you are still alert/fit enough for trading.
and if there are no trades that day, you wont make any money. (the flip side of the same coin) And as you wisely point out, be grateful for your blessings that day any way! Cause it could always be worse!

In reference to the bolded portion. Absolute agree. This is by no means what I was referring to when I was saying improve yourself and constantly seek additional growth. One should never break their own profitable strategies in hopes of possibly making a bit more on a trade. What I am speaking of is improving your strategy overall so that you can act on additional opportunities and further tweak your overall performance. Never break the rules of a working strategy in HOPES of it working out for you. Key word is hope. If you have to hope for something when trading or investing, your doing something wrong.

Agree with everything else

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