Thank you everyone for the great advice on exits. I’m doing much better on that this week.
I think I need to have a daily goal and then call it quits for the day. I seem to just keep trading and can turn great profit into a breakeven day or a loss.
Does anyone want the comment on a reasonable goal in points per contract on NQ and ES.
Yes -- forget about profit.
It sounds like you're scalping.
If you're scalping, you're like an NFL quarterback.
Isn't the Superbowl this weekend?
If Tom Brady throws a touchdown, what do you think is running through his mind in the next huddle? What if he threw an interception? Do you think he goes back out with that prior pass on his mind??
Not if he's a champion.
You have to have no memory of the prior trade -- just work the market in front of you.
Concentrate on *process* -- not on results.
If you work on process, two things may happen:
1) you will always have room for improvement, and
2) you won't carry the prior trades (good or bad) around with you, leaving room for more of the current market.
Those who concentrate on results will push trades -- enter too much, enter too soon, *stay* too long, miss exits -- all because they're trying to get this trade to conform to their prior conception of it. The trade, and the market, don't care about your goals. And will kill you.
How much should you seek, per day??
Figure that out at the close of each day -- how many signals/trades did you get, profitable percentage, time-in-trade -- all that rot. And then check out how you did against that metric. (I mean, Jeeez! Quiet days?!? You better have lighter demands on you!) But when you sit back down tomorrow morning -- put all that aside until the closing bell.
Them's my thoughts.