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Do you have a daily profit target?
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Do you have a daily profit target?

  #11 (permalink)
Legendary market donator
Indianoplace, IN
 
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Profit? What's that?

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  #12 (permalink)
Merida, Yucatan, Mexico
 
 
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rassi View Post
Mike did you know the poll doesn't show on Tapatalk or futures.io app


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If you were not aware, you can long press the post and then select MORE and Web View to see the poll.


Sent from my iPad using futures.io

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  #13 (permalink)
CONSTANTINE/ALGERIA (DZ)
 
 
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target some time his make not happy , daily loss daily if not have other opportunity to trade

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  #14 (permalink)
charlotte nc
 
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No Because of Fluctuation in number of Trades

In my case this is going to be a no. I use a small scale HFT type system and depending on the day, I may get to take as little as 5-10 trades or as many as 100 + trades. Going into each day I have no idea if the market will give me the volatility to hit closer to the high end or low end of this. Any kind of daily profit targets or stop losses would be bad to apply since this would be taking some sort of middle average and cutting out the higher end of the statistics.

I won't give too much away, but my system relies on probabilities and over time the law of averages comes into play and my statistics always normalize. For example if I have two or three really high days where my winning percentage is off the chart and for the month my average trade value is 10%-20% over my typical expectancy, I know that the next N number of days it will correct down. Conversely if I have a few bad days and I am down, I know that in the near term it will correct up. I typically average a range of $4.00 - $7.00 per trade profit and anything way under or way over this will eventually normalize back to this range. It is inescapable because of the nature of the system.

Even though I am 100% an algorythm guy, I will offer this advice from my experience. No matter what the system is, you will always have statistical anomalies in your results both good and bad in the short term. Often times people either double down when the statistical outliers are good, or they will shut down when the outliers are bad. Obviously you can't eat too huge of a draw down, but small losses within reason should not warrant a loss of faith in the system. I believe that if you have tested a system well, and proved that it is good statistically and you know the upper end of the draw downs are under your margin limit, then you should turn the system on and trade every hour the market is open without any restrictions. Statistical anomalies are unavoidable, but they always normalize over time.

Happy Trading

Ian

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  #15 (permalink)
Salt Lake City, Utah
 
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So I've discovered recently that if you want your consistency numbers to stay in line, it is a good idea to have a target. I don't want my best day to be more than 3 times what a typical good day is for me. My good days tend to be 8 ticks. So if I get 24 ticks in a day I'll stop right there. I've never had this day, although there are days that could have gotten there if I hadn't made mistakes. My best days right now are 16 ticks. (ZB)

I also have a limit on number of trades in a day.

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  #16 (permalink)
Chicago, Illinois
 
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Yes, I trade with a monetary goal

I've written about this several times over the years on futures.io. I was a floor trader in the Five Year Note pit at the CBOT and the turning point in my career was when I started trading with a very modest profit objective relative to the size I was trading. After three years of mixed success in the pits, the first month that I tried trading with a goal was the beginning of a 6 1/2 year run where I didn't have a losing month and where I went from being a 5 lot trader to being a 500-1000 lot trader.

I started trading this way because my results were sporadic, I needed to start making money consistently to stay in business, and most days I was up decent money early in the day but gave a lot of it back. My goal was 4 ticks ($15.62/tick) per unit of size. I attribute my success using this method to two basic things: 1) seeking such a modest goal allowed me to trade only the highest probability situations, and 2) I rarely experienced decision fatigue.

There are undoubtedly many, many days when I left a lot of money on the table. Sometimes I was done by 7:45 AM. Sometimes (rarely) I was still trading into the close. On average I probably traded 3-4 hours/day. One thing for sure was that I traded a lot less volume than guys making similar money.

My goal was not a set in stone goal. I wouldn't leave until I reached it, but I wouldn't close out a winning position just because I reached it. I'd let the market run if that's what it clearly wanted to do, but I got a lot more vigilant once I had reached the goal.

Is this for everyone? Absolutely not. If you're a pure algo trader with a winning edge who just lets the algos run and makes no decisions along the way other than what to have for lunch, you maximize your expected value by making a long string of small bets relative to your capital. But if you're a discretionary trader, it's well established in the science of psychology that the more decisions you make the less good you are at making them as the day progresses.

(Off-topic) By the way, the way I increased my size 100-200 fold over the years was to link it to my capital in a very disciplined manner. I will never understand why traders working in liquid markets limit their size as they get consistent. The key to making a fortune in this business it to get big. And I can tell you from painful personal experience that your edge may dry up eventually, so exploit that edge to the max. Which IMO does NOT mean you have to trade all day, but trade as big as the situation and your capitalization allow.

"You don't need a weatherman to know which way the wind blows..."
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