Targets in Trading
Many traders use targets per day. When they achieve target, they stop trading for that day. This target is set for both loss and profit. It can be in monetry terms and can be percentage of capital.
Is it better to set a target?
If yes then what should be the target if you want to survive in long run.
Stick to your rules
I see that all successful traders do set targets per week and don't try to squeeze more pips out. I would say trading twice per day maximum. Cut % risk if having 2 losers in a row. Increase risk back to normal once you have two winners. But it really depends on your strategy.
Does twice per day mean two trades per day or doing trading in two sessions?
Stick to your rules
It depends on your trading. But trading twice a day - two trades per day (round trades). I'm sure others are successful trading many times per day, but have not really seen anyone being consistently successful using multiple trades.
No of trades per day depends on trading style. Scalper will have much more trades as compared to swing or day trader.
How does that apply to targets though - I think targets are very much a psychological thing = but that doesn't mean its not important. If the market is not behaving according to your strategy then it might be worth taking a break. Also quitting while you ahead is not quitting!
I agree with implementing targets in trading. It is not possible to manage risk without managing your profits and losses.
Check out this trader in how he trades targets. https://www.myfxbook.com/members/kondakov He does not trade every day - each trade he makes he makes about 1-2% for about 10-20 pips, and is content to trade 8-12% a month and trade about once a week. I am sure trhat he could trade much more - if he traded what he does daily he 'could' be making 50% a month but he does not concern himself with that. Even without that, he is making a lot of money, and just trading once a week.
Originally posted by CFXsignalsCheck out this trader in how he trades targets. https://www.myfxbook.com/members/kondakov He does not trade every day - each trade he makes he makes about 1-2% for about 10-20 pips, and is content to trade 8-12% a month and trade about once a week. I am sure trhat he could trade much more - if he traded what he does daily he 'could' be making 50% a month but he does not concern himself with that. Even without that, he is making a lot of money, and just trading once a week.
His deposits are around 0.6m and now his equity is almost 3 times. So even 8 to 12 percent is pretty decent money each month.
Yep = the secret to good trading - having massive equity - it allows you to be patient and pick and choose your trades.
Well i am trading since a long time and my target is 10pips a day and i think it can be easily achieved and i am just working hard here so that i can able to make a large profit through it.