Let's say you are in military marksmanship training and you follow all the professionally trained rules to the letter while firing your weapon. After you have fired your first 30 rounds down range at the target, how would you measure your success? I would want to review my hits on the target to measure my effectiveness. Even if all aspects of my live fire felt properly executed during the firing of the weapon, I would still most definitely want to review the hits to the target. For instance, even though everything felt perfect while firing, you might see a tight group of hits on the target high and right. At this point you would make the necessary adjustments to your weapons sights, and then re-fire for re-evaluation of effectiveness. I have daily profit targets for myself primarily to have something to shoot for every day. Actually the wisdom in this quote above is appreciated. My only comment might be oddtraders daily range measurment. Lets try this: The size of the target and the distance away from the shooter could also be a gauge for expectation. Michael B.
The comparison of what one "takes out of the market" compared to what the "market will give" could be used to measure expectation and accuracy of methodology. Michael B.
approach the day or the week as some suggest with a different glass of water...... Try neutral.......listen to the market! forget expectations! try this for a week....see where the market takes you...besides you do not dictate to the market where it shoud trade it dictates to you....well, I am talking about the zero-sum game of the electronically traded ES/YM/NQ.....not other instruments. Well...I guess guys like Nitro and a few others could put on some size...maybe even oddtrader....and pull the offer or drop the bid.... Michael B.
Put it this way: Scalping is not at all my style! I wonder over analysing can kill us. One day if I run a fund, I don't mind to recruit a number of high calibre researshers to do all kinds of analyses for me to make better and more profitable decisions.
I wonder over analysing can kill us. One day if I run a fund, I don't mind to recruit a number of high calibre researshers to do all kinds of analyses for me to make better and more profitable decisions Would you hire me? Michael B.
Please note we have to take the optimal profits possibly from each trade. And the daily target is Not for each trade, but for All traders in that day.
Everyone has their own level to determine what makes them successful. For my personality type and my expectations from trading, I use very specific daily/weekly/monthly targets. I have set these profit goals based on what I think is a challenging but yet achievable goal for me. I need the highly demanding and target specific accountability in my daily trading to achieve success for my type of personality. This is MY discipline for trading successfully. I pushed myself for many months with the "no excuses", improvise, adapt, and overcome philosophy that finally graduated my trading to profitability. For myself, the use of a daily profit target was the "End Zone" that I worked my ass off for everyday through times of complete frustration. The idea that one day I could carry the ball over the "white line", drove me to find ways to become victorious. Over time and with extensive efforts, I have devised plays that continually drive me into the "End Zone". For myself, if I don't have the "End Zone" then what am I doing on the field?