You can set a profit target in a couple ways. If your daily loss is $ 300, your daily profit could be $ 300. Or you could set 8 trades during the day and agree win or loss not to do more.
Are you talking about a target per trade, or for the day? Per trade, I aim for 5 points, and keep half as a runner until it crosses a moving average against the direction of my trade. My initial risk is 1.5-3 points. I have a daily loss limit of $1,000 but I never hit it. I also trade /CL, but that's entirely different.
If you have a "daily profit target", the good news is that something about the future is known for a fact, a fixed quantity that we know now before the event. The bad news is that this known fact is: Your account balance will eventually reach zero.
Yes, cause eventually you'll die and the Sun will explode / implode and everything would of been for nothing. But in the mean time, you can make money and have some fun with it, so play on Plus it'll reach a level, where there isn't enough to trade, which is way above zero, so ha WRONG again, Mr Pessimistic!
Just someone who doesn't take life and money to seriously, lifes just to short and money is just money. I'm also profitable, if my account does go to near zero then I've still made money and had fun making and spending it
So.... "The bad news is that this known fact is: Your account balance will eventually reach zero." Isn't a fact, it's a highly probable out come, but it's not a FACT!! He could get hit by a bus before it gets to Zero, see ha!