Nice website, VERY elaborate Marketing!!! But why charge USD $7 Bucks for your chat room? Why not make it free??? If you are up 1G, by noon, you are fine... 20+ years ago, I was told $1,000 a day, keeps a doctor away! And I was a rookie... And we are not considering inflation "TradeMastery", you gotta love it...
Why limit your profit at all? Loss limit is important, though. And what is acceptable for you or me or your doctor or the preacher or the milkman might all be completely different. I lost about $20k last year out of a $50k account playing a stupid play, and stopped trading. A month or two ago I came back in with just $2k. My daily loss limit was essentially the whole $2k. Why? Because it is an amount I could replace in a minute. It was an amount I have occasionally saw fit to bet on a poker hand, or my loss budget on a blackjack session. And while PDT limited, I wanted to make every trade count, and never be stopped out for chimp change and burn a trade for nothing. If it was money I had scrimped and saved tonging oysters or catching catfish or mowing yards or powerwashing houses, my daily loss limit might have been as little as 3%. If I was playing with just barely over the PDT limit, and I had only social security for income, I might have an even tighter limit until I was a few G above that magical $25k mark. If I had $75 in loose savings and I put $50k into brokerage, I might well have a more typical 5% day loss limit. You have to figure out where your tolerance is for loss. For RISK. You should be following your rules and not be making stoopid mistakes, and so your total loss should never exceed your total risk limit. Your risk limit PER POSITION is important, too. You want to apportion your risk in most cases, so one trade might flop but 3 or 4 good ones might average you back up. Now with my $2k account I would have had no real problem with going all in on one trade. At a higher level than what I could shrug off, no way would I put all my eggs on any one "sure thing" and risk all on one trade. It is a quick way to turn a tiny account maybe into one that is no longer tiny, but just small. It is also a good way to quickly turn a middling to large account into one that is merely small. So you have to figure out how much you can or are willing to risk per trade and per day, and follow your rules perfectly so you never lose more than your total risk allowance. Limiting your day's profits seems rather limiting. You should be perfectly happy to be making "too much" money. Enjoy it when you get it, cause it won't happen often. Stop trading when you are tired or bored or distracted or nervous, and can't be at your best. Not when you reach a certain profit level. Remember, it is harder to gain back money you lost, than it is to add money to a winning account. As the account shrinks, that $10 or $20 or $100 loss becomes a higher percentage you must win back. So it is really, really good to NOT LOSE more than a pittance, unless there is a very good reason for a deep risk in a trade. But never limit your profit. Sure, set a profit target in a trade, but your day's profit limit should not even be a thing, IYAM.
The statement says daily average goal, not exact daily goal. The daily average goal is $500. There are 22 trading days per month. 22 x $500 =$11,000. He tries to achieve that by having 5 days with >=$2,000 per day. If his system can achieve his goal, then nothing is wrong and no one can condemn him unless we know how his trading system work. One thing that I do not like from the statement is he focuses on how many days to achieve his goal instead of net win. Let's assume I have a system that produces >= min 8 net wins per month. I would stop trading in that month once I achieved 8 net wins. Let's say my dollar target per month is $4,000 and average win per trade is $400 using 1 lot. 8 net wins x $400 x 1 lot = $3,200 which is not enough to achieve my goal. I have to increase my capital to trade 2 lots. 8 net wins x $400 x 2 lots = $6,400. But now you have more $2,400 than the original goal. Now, it's up to you whether to stop trading once you achieve 5 net wins (x $400 x 2 lots = $4,000) per month or to continue until you achieve 8 net wins per month. Personally, I will not stop because I want to grow my account until my average win per trade equals my monthly goal which means that I only need to achieve 1 net win per month and then relax.
For a skeptic, this sounds like utopian self-help book advertising. Progress and limits are very subjective matters, can be deceiving, and can place a lot of unnecessary burden on your shoulders. There is nothing wrong with it as long as it works for you or at least you think it works for you.
GrowleyMonster, Thanks for the write up. I will test it out. I can only trade between 6:30am to 9am daily. So for the next 2 months, I will take all setups and ignore daily profit goal. Never hurts to try.
It's Marketing dude! https://www.elitetrader.com/et/threads/how-to-best-daytrade-shorting-futures-es.346802/page-6
Ouch! What time zone are you in? If you are over on the Left Coast, that will work. If you are more to the East then I have to recommend you be satisfied to just buy and hold, maybe maybe swing trades. You really can't day trade very well in just the premarket. The spread will eat your lunch. You will have very poor liquidity. It is good to follow along with the premarket and sometimes you can catch a nice scalp at the bell if you are very sure of yourself, but the exchange opens at 0930 and that's when stuff really starts to happen. Many of the best trades will have an entry 15 or 20 minutes into the morning session, and exit 15 minutes to an hour later.
I AM a trader, I trade daily.... where's Your blotters? fcking moron trollboy Some of TODAY's trades: