Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
3. Do you set a time limit on how long to trade per day?
I am asking because one the possible issues I learned from my day trading is that I defined a daily profit target and was hitting it, but I never defined a daily loss target.
Thank you kindly for the response.
Can you help answer these questions from other members on NexusFi?
1. No daily profit target. I find myself taking trades I might not normally in order to reach the target. Daily $ and consecutive loss stop for sure. Ever since I implemented this, I've been consistently profitable since.
I'll also size down after 3 losses in a row. I'll often stop trading if I'm not feeling in tune with the market so rarely hit my daily stop.
2. No, although I know that if I'm exceeding 7 or so in the first 2 hours, chances are I'm overtrading so I'll take a step back and reassess.
3. 1-2 hours max at the open. I find opportunities take longer to manifest after that.
Because discretionary trading is a performance career, I always pursue discipline outside of trading, and it carries over. Eating healthy food, tracking calories, exercise, sleeping well, being 1% better everyday.
I always have a daily loss limit (and I think that's probably right, for almost all retail traders?)
I've never had a daily profit-target; never actually thought of having one, at all.
I look at it as being a little like the "stop-at-a-winner" theory of betting. I just don't see the logic. It feels like a fallacy, to me.
Why shouldn't the best trade/entry/opportunity of the day be one that comes up right after I'd hit my "daily target", and why would I want to miss it, if it does?
I may look at this differently from other people, but I want to have my edge and then just apply it as often as possible to the market, and take what the market will give me.
I see that this kind of thinking wouldn't apply to someone trading some time-specific set-up such as an opening-range breakout method, of course.
No, for the same reason as above. It's not that I have an advanced case of FOMO (I tell myself) but with my type of trading (maybe with most types of trading?) there's no reason why good trades shouldn't materialize after "x" or "y" entries have already gone by(?).
When I did this more full-time than I do now, I used to. They were about how long I could maintain concentration for. But for some types of trading, there'll also be "market-related" reasons (e.g. "not trading the futures after the underlying has closed", or whatever - there are people who do that, aren't there?).