Silver Eagles also sell at a large premium. American Silver Eagles are the best form of silver investment for the retail client. When the gov't stops making them you'll see some serious premiums... But maybe I'll ignore the rest of this thread as I see the usual ET losers who are mad at the world (because they suck at trading?) have already infested this thread.
I find the target approach is the only thing that worked for me as well. The reward is often how much free time you have after you hit the target. Many days I was done after the first couple hours. I got laid off from a job once and while I was looking for a job I started trading doing the 500 a day route, I actually started at 300 then went to 500, but I lasted 2 years on hardly any capital. Then when i tried to bump up to 1K I got my ass kicked, psychological no doubt, I have been trading currencies now, but I miss the speed of futures, gonna open another account soon. I mainly trade systems I create, but I miss trading futures. I have blown up 3 times and lived pretty well 3 times, and now just try to hit base hits and not get mugged.
That isn't seen as a "reward" for many traders (including myself). It's hard to turn away from the market knowing that there could be so many missed opportunities, not to mention that a trader..well, likes to trade!
If you create a cap on your day of $500, you'll never progress to the next level. Instead, focus on making one good trade at a time. Stick with your trading system. The money will follow. Don't pay attention to your P&L (unless you're negative, of course). If you continue to focus on your $500 target, you'll just stop trading right after the open and miss other good potential moves. A potential $10K day will become $500.
dont cap your trade amount $. cap your loss $ or you number of trades. this will make you not scalp and let winners run
The consistently profitable trader is consistently profitable because trading consistently profitably is what he/she does! This is who I am. This is what I do. There is no "how to recover" thought process from a bad trade. Bobby Flay doesn't think "how to recover" from over-cooking a lamb chop. Carrie Underwood doesn't think "how to recover" from singing a note off-pitch. This is who I am. This is what I do. There is no monetized "daily target" to reach and then stop. That's ridiculous. The Vegas casino doesn't close because a whale came in for 3 hours and the house won. The local diner doesn't close the kitchen for the day because they plated 100 breakfasts. This is who I am. This is what I do. Ironically, the truth is that you will see that it is very difficult NOT to make $500/day. But that's not what you are trying to do! This is who I am. This is what I do Osorico
WTF are you doing talking to my wife!? Since the content of your post boils down to this quote, I will say the same here that I always say to my wife... If I have to stop trading for the day to be profitable, it reduces everything I know down to luck. Yes, luck. If my skill can produce a couple of winning trades to produce a set goal, then my skill can produce for the entire day. If I can't produce for the entire day then the first couple of trades were just luck. If I stop trading this afternoon to keep from losing money, who is to say that I won't make the exact same mistakes tomorrow that I would have made this afternoon. In effect, I got lucky that I did not make those mistakes today. If the skill is there, you will not need luck (though it still helps sometimes). If you can consistently make a little, you can consistently make a little more. Listen to Osorico. This sounds like a man who has the skill and KNOWS he has the skill.
I refer to it as... Singing the same song, from the same sheet music, every day. Sometimes the song is in the wrong key. Sing the same song in a different key(scalp v swing v narrow range v wide range v etc etc). The song remains the same.(money mgmt, instruments, tools in the toolchest, trade mechanics, etc etc) Osorico