Very good advice, IMHO. 2 things to think about, OP. 1) What if you don't hit your daily goal? or I should say WHEN you don't hit your daily goal. No trader hits a positive specified daily amount EVERY trading day. There are at least a few days with losses per week, month, or year, that every trader must deal with. 2) I also used to set my day up in a fashion almost exactly like you are proposing when, after a while, I realized I was making the classic error of cutting my profits short (only on a daily time frame as you are suggesting). DO cut your losses short for the day, as peil suggests. Again, IMHO.
$500 per day is shit! lol You should be able to make ATLEAST 3% profit per day trading. And so if you have just $15,000 capital you should easily be able to make $500 per day.
Of course, they've got million dollar BPs. So for 100k BPs, $200-500 is THE SAME PERFORMANCE return. This makes sense, no ?
This was a GREAT final ET post....a "finale" of sorts. So good luck to you Osorico. You've got the right stuff to succeed.
One more readying itself for the Giant Cosmic Windshield. You don't realize how very few people do this, REGULARLY? The only ironic thing is that you are clueless to reality You don't "plan" to make $500/day. You need real edges and advanced money/portfolio/trade management skills. By your statement, you are years and thousands of hours of screentime away from this
Agreed. I used to trade that way and losing heaps just because I'm trying to reach that extra $$$ to reach my goal. Imagine trying to earn an extra $100 and lose $500 cos you're pushing it. Not very smart at all.
You don't understand my point. My approach is to MAKE ONE GOOD TRADE AT A TIME. I don't think about making as much money as possible. I will accept whatever the market gives me each day. Setting a daily P&L goal clouds your judgement and will negatively affect your trading. You will start pressing to make trades because you haven't reached your daily goal and then you will cap your profit potential because you reached your goal. You will get out of sync with the market. Setting P&L goals is a rookie mistake. Believe me, I've been there.
I've been using this daily profit target goal and it's been working for me so far. One question how many trading days are there is a year? I read it's some where around 220 minus weekends, holidays, etc.