daily profit goal, hit it and quit?

Discussion in 'Psychology' started by NYC212, May 15, 2009.

  1. NYC212


    This happened to me twice this week.

    Monday early on, my PnL hit just around $1000 (that is my ideal goal) then was around $900 still very happy.

    I forced two trades and my PnL slipped down to $400 (was long I believe MET and DB) --after a review bad trades--

    but I hit my goal and I should have just quit or does one keep trading and use your edge and max out everyday if you can?

    goal is to make $500
    ideal goal is $1000
    dont lose more then $300

    but wondering, hmm. I hit my goal, just stop (maybe)

    I was up $600 today finished up only $94.....

    do people ever hit their goal and end the trading early? or it seems if you have an edge still go at it?
  2. Follow your own rules, you should have quit up $500.
  3. I struggle with this myself.

    On most days that I hit profit goal very early on - within 30 mins of open - I'll scale back size and try to whittle some extra profits.

    More often then not if I keep trading that profit not only evaporates but turns into a loss.

    I think it's because I start trading defensively rather than offensively "preserve profits".

    Best to stick to profit goal, or get rid of profit goal altogether and just trade.

    I'm looking towards the latter and trying to change the mental headset.
  4. NYC212


    I am just like you.

    overall I have given up more as the day goes by then vice versa
  5. It's obvious neither of you have a system or any discipline.
  6. ...
  7. No offense, because a ton of guys think the way you've outlined below, but you couldn't be further from where you need to be. Profit goals are for losers. What you are essentially assuming is your arbitrary goal is somehow more important than trading the market for what it is every single day. You have no idea what potential lies in any given day. Your goal SHOULD be to trade well, continually improving as you go and taking ALL trades that fit into your statistically proven method. You do that and the P&L takes care of itself. Making P&L the focus is WRONG, the absolute wrong way of thinking. People wonder why the failure rate is so high and alot of it starts with the wrong way of thinking off the bat.

  8. ...
  9. Exactly.
  10. NYC212



    that is why I am a new
    #10     May 15, 2009