Daily goals about how you trade - Traders Hideout | futures io social day trading
futures io futures trading


Daily goals about how you trade
Updated: Views / Replies:1,009 / 5
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 goals about how you trade

  #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 goals about how you trade

One of Big Mike's suggestions is to make daily goals for yourself and these should be about how you trade, not what you make. I believe that sounds worthwhile and I think I know how to do that but I would appreciate it if any of you have done this could you provide some examples to make sure I am on the right track? Thank you.

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)
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


I'm not sure exactly what he meant but it's probably along the lines of keeping a journal and writing down not only your trades but also documenting why you took a trade and what you where thinking and how you handled the trade. In doing that you are better able to identify your weaknesses and as a result you will be able to focus on correcting them.
Just the simple act of putting this stuff on paper will greatly help you in addressing whatever issues you may have. It's along the lines of when you write something down you will have a much better chance of remembering it....you know what I mean.
Your daily goals should be focusing on fine tuning your trading by eliminating problems you are currently experiencing.
If you have multiple issues/problems you can just focus on one at a time so you don't overwhelm yourself.

Reply With Quote
The following user says Thank You to kbit for this post:
 
  #4 (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: 29,354 given, 83,237 received

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


browntb View Post
One of Big Mike's suggestions is to make daily goals for yourself and these should be about how you trade, not what you make. I believe that sounds worthwhile and I think I know how to do that but I would appreciate it if any of you have done this could you provide some examples to make sure I am on the right track? Thank you.

Too many people set a dollar amount as a goal. As a general rule, I think it is better to not do that, at least in the beginning when you are striving just to be profitable at all.

So I suggest people put more effort in identifying their strengths and weaknesses, and then come up with one or two items to place all their focus on for the following day. At the end of the day, grade yourself on how well you accomplished these very specific objectives. No need to add new objectives until you are consistently scoring highly on these.

It is important to be very specific. For example, don't say "Follow my plan". Instead, pick very specific items like "Only trade with the trend" (even better is to specifically identify how to trade with the trend by your definition).

Another specific item would be "Do not take more than 3 trades". A lot of new traders tend to drastically over trade. By forcing yourself and knowing ahead of time that you are only allowed 3 trades, and that if you take a 4th trade for any reason whatsoever that you are a complete failure at following the simplest of rules, then it will really help you practice patience -- a critical lesson in trading.

Mike

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
The following 5 users say Thank You to Big Mike for this post:
 
  #5 (permalink)
Elite Member
Massachusetts (USA)
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: YM
 
stephenszpak's Avatar
 
Posts: 778 since Jun 2009
Thanks: 144 given, 358 received

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


browntb View Post
One of Big Mike's suggestions is to make daily goals for yourself and these should be about how you trade, not what you make. I believe that sounds worthwhile and I think I know how to do that but I would appreciate it if any of you have done this could you provide some examples to make sure I am on the right track? Thank you.

Your trading experience is listed as: Intermediate

You'll have to ask yourself:

Am I consistently profitable?
Am I consistently unprofitable?

If you are consistently UNprofitable, I would say you should set a daily maximum loss target.
If you hit that, stop trading for the day.

You might also just trade in simulation for a while.

If you are consistently profitable I would ask others here what they make for profits on the NQ.
Be sure to make sure they trade the same number of contracts simultaneously as you do. If you are
long 1 or short 1, and someone else trades long 2 or short 2 and you don't know, you'll have an
incorrect answer.

As a trading one-liner I'd also say:

Take what the market gives you.

If you are looking for big moves, they're just not going to be there everyday.
On the days the market really moves you'll make a lot.
On the days the market doesn't move much you'll make little if anything.

- Stephen

Reply With Quote
The following user says Thank You to stephenszpak for this post:
 
  #6 (permalink)
 Vendor: protradered.blogspot.com 
NY + NY/USA
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,267 received

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


browntb View Post
One of Big Mike's suggestions is to make daily goals for yourself and these should be about how you trade, not what you make. I believe that sounds worthwhile and I think I know how to do that but I would appreciate it if any of you have done this could you provide some examples to make sure I am on the right track? Thank you.


In the beginning we desire a certain result from our trading. To be consistently profitable, and to make x amount of dollars. We can measure by the week or the month and say that at the end of this period we want to be profitable and remain profitable for next week or month and so on.
A good way to measure our performance is using a detailed journal.
In the beginning just write down in your plan how much you desire to make. Over time you will need to adjust that to how much you are able to make, and this will be more in keeping with your ability demonstrated by your detailed analysis of your trading and your results over time.
For example;
I have found that many traders want to make $400 a day from their trading. That is a lofty figure for a beginning trader and it also misses the point about consistently good trading. If you are trading one contract, this is going to be a pretty daunting task. You will go through a lot of hoops (frustration, disappointment, strategy adjustments, reality checks) as you try to get that number each day. Also, how many trades will it take? And how many winners are you able to get before you get a loser, and how many losers do you average per x amount of trades. Over time you will discover a certain rhythm to your trading, and a certain exhaustion point. By this I mean a certain point in your trading where you loose focus and start to lose. During the trading day you will have a peak point where you will be on fire, and a valley. So, once again, that journal is crucial. These are some of the hard facts you need to know about yourself as a trader.
The reality is that you do not need 40 ticks a day. You do not need $400 a day. What you need is to be able to consistently trade successfully until you hit your wall. For many new emini futures traders getting 4 ticks a day consistently is a tough task.
Your journal and analysis of your trading is crucial to help you determine your true consistent ability. Most traders will adjust down to be more in keeping with their ability first, then up as their ability and proficiency increase.
So set your goal in ticks. Once you are able to get x ticks consistently, then the magic of leverage will take you to the next step until you hit the next plateau or wall in your trading. This wall may depend on the liquidity of the instrument, the time of day as you increase your lot size, the amount of slippage on both ends for that lot size, and your psychological stamina as you make the adjustment to the new numbers.

Reply With Quote
The following 7 users say Thank You to Jaguar52 for this post:

Reply



futures io > > > Daily goals about how you trade

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
Home Runs or Daily Goals? Dragon Psychology and Money Management 36 November 18th, 2014 11:16 PM
yearly life goals razorbuzz The Elite Circle 1 January 9th, 2011 12:40 PM
Daily Trade Reconciliation Strategy MXASJ The Elite Circle 27 December 9th, 2010 09:12 PM
Lower Daily ATR == Harder to Trade? MXASJ Traders Hideout 0 October 9th, 2009 12:03 AM


All times are GMT -4. The time now is 06:20 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 2017-12-17 in 0.10 seconds with 29 queries on phoenix via your IP 54.82.81.154