More power to you my friend. I certainly want you to reach your goals; I love reading the successes of others here on the forum; they help pick me up when I have down moments, and helps me "celebrate along" with them when I have similar celebratory moments. And belief in what we're doing is probably the most important thing we can have, for without it, we have no chance to push through the rough times. But trading is not about warm fuzzies; it's about cold, hard, boring, risk management. The simple math is that to achieve very large returns (which 8% average per week is), one must assume very large risk. So many people talk about how much they can make, and don't mention how much they risk in so doing. But, it sounds from your post that you have a risk management plan, so good luck and keep us posted!
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Congrats on taking the step of starting a journal.
But I have to at least say, you should set yourself up for success instead of failure. Part of that is having a realistic goal.
Based on post #6, it seems more realistic to set your goal to 2% per week and this will also make you happy to hit this goal, while if you still exceed it you will be 'very happy'.
This is just how I think, I understand setting goals but I advocate making them attainable. If you set unrealistic goals then you will possibly make unwise choices trying to get to them.
So bottom line, if you think 8% per week, week over week, is a realistic goal - then it is of course your choice, your money, and your journal. But if you think 8% per week is a pipe dream, it might be best to set a more realistic goal from the beginning.
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.
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I've never understood why people set such profit targets... Are you planning on trading a variety of methods and be able to predict future volatility, or lack thereof?
Returns are asymmetric (at least in my corner of reality); weekly targets are detrimental to trading success. It's important to take advantage of opportunity when it presents itself, but one shouldn't try to force it into existence.
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Disregarding the fact that 8% a week is delusional, it is a fact that the market doesn't present an equal amount of opportunity each week. This means that a fixed goal usually leads to trading too much when one shouldn't, and not enough when one should trade more. There are benchmarks one can compare one's trading to, but that's very different from what the OP is describing. He just bought an automatic system and expects to make 8% a week. Sounds like brilliant plan to me!
Trading is about managing risk, not forcing returns.
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The problem with setting lofty goals is that you will subconsciously set yourself up to to take unnecessary risks to achieve these goals. It will most certainly affect your decision making process as you notice these goals come in and out of jeopardy of being met. You can't force a method to give you more then it is capable of, nor force the market to give you what you expect. You have to work within the limits of your method and the volatility of the market.
Last edited by monpere; May 20th, 2012 at 11:07 AM.
You can be successful trading like a business ... all you need to do is...
... develop a business plan with specific performance objectives ,adequate auditing to ensure adherence to the plan and a rewards/penalty program for meeting or failing to meet set goals ...do the statistical analysis to determine production quotas ... install iron fisted controls to manage the program
1. Assign yourself a quota
2. If you fail to meet your quota ... put yourself on probation
3. If results don't improve ... require yourself to write progress reports everyday
4. If results still do not improve ... have a meeting with yourself to discuss how to help yourself to meet the quotas (note, this is just to cover your ass with human resources .. the decision has already been made to fire yourself)
5. Run ads on Craigslist offering a position as a trader with unlimited earning potential that provides a proven method to enable success
Dang ... now those guys from Wharton or Sloan are gonna steal this and pass it off as their own...
Disclaimer: This post does not represent the view point of the owners, managers, or moderators of this web site and is not intended as a slam against any moderator, board member, any banned former members whose name we dare not say, any other living person, any recently living person or any person or persons whose status we are not sure of and especially not for any platform vendor with a questionable product and a pit bull lawyer. This post is meant purely for entertainment and should not be confused with a real thought. Nor should I be held responsible for feeble attempts at humor at your expense.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
Is it delussional or a pipe dream to aim to take on average 16 ticks a day out of oil? Based on a $10k account and trading one contract that equates to 8% per week I believe.
There appears to me to be quite a few traders on this forum who may well be getting in excess of that (tick wise). If you compund your profits it would of course become more difficult, however I believe the OP did say he was looking to withdraw his gains on a regular basis. I would think that was an achivable goal for an experienced trader. But I have been wrong before.
Anyway, good luck Mr Sailingman, I hope you trade in calm waters and with a favourable wind.
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