daily profit goal, hit it and quit?

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

  1. No worries, just trying to help. Been doing this about 10 yrs fulltime. We ALL have had the wrong mindset at one point, those of us who make it in this business learn to think differently. Its essential for success.

     
    #11     May 15, 2009
  2. See Rasko - u come in with clear concise RIGHT answer, and ultimately the truth to this question.
     
    #12     May 15, 2009
  3. Daily profit goals cause you to look at the money in a trade as opposed to the risk-to-reward. Plus, profit goals are self-limiting, arbitrary goals.

    You never know what the day may offer in the last few minutes of the day -- it could be a trade that quintuples your day or month!

    In my experience, when I first started trading professionally (about 2 years ago) it was very difficult for me to trade the trade instead of trading the money. This is a common problem for rookies, so don't feel terrible about it.

    As your bankroll grows and the result of each individual trade that you make becomes less relevant to your daily circumstances, you SHOULD be able to remove the amount of profit that you're up in a trade from the trade itself. Then you'll be trading the trade for the trade and becoming more efficient by holding your winners even longer for larger profits.

    Having a daily loss limit is a great idea however. Try not to lose more in one day than you're capable of making in one day.
     
    #13     May 15, 2009
  4. Why don't the two of you FRAUDS go suck each other off now?
     
    #14     May 15, 2009
  5. Sorry pollo - really cranky - deleted my posts - going to bed - have a great weekend
     
    #15     May 15, 2009