Trading is one of the few pursuits where the process is everything.., and any one trade’s outcome is pfft
Having said this, for newer traders I believe it a good idea to have a set maximum loss per day… to work as check valve for shutting off the madness – some seasoned traders could/ do use this as well – I do because some days I simply suck
Some also believe in a profit target per day, that if attained – its time to go do something else…
I can see value in that…, even use it on occasion as a reason to go play
Really boils down to doing exactly what works for each of us – however we decide to quantify it
RN
Yes, I agree that maximum loss per day has some value. Maximum profit target per day, I'm not quite as sure about or comfortable with. But I think people might run into trouble if they plan on making a certain minimum amount of money a day. That's rather contrived goal seeing as how we don't know in advance what the market will offer. It can result in unwarranted trading. That's what I was getting at in my prior post. Personally, I think process goals are better, something you mentioned at the outset of your post. Following the rules, that sort of thing. And perhaps having benchmark goals such that once certain account balances are achieved to add to position size accordingly.
I found the video you referred to, and it is indeed worth watching:
