Daytraders - Daily profit goals or trade at will?

Discussion in 'Trading' started by timscott, Mar 17, 2008.

  1. Recently got back into trading and wondering if most have certain profit goals they wish to achieve and stop for the day once met, or if most simply continue to trade at will whenever the setups present themselves?

    I'm seeking @ 1% a day, this volatile market provides plenty of opportunities and usually pretty early in the day.

    As a newbish / the tendency is to over trade / put on too much size when already having booked profits.

    Was done today by 10:15 and watched rest of day - couldn't resist chasing when market went green in the afternoon and immediately bought an intermediate top with too much size >>> bye bye profits. Got lucky and made em back

    Really trying to figure out if I'm limiting profits by stopping, or being smart and booking a piece of change daily.

    What do you do?
  2. If you're making money, just keep trading.
  3. Never limit your gains. If you have good signals trade every one of them regardless of where you stand in profit for the day.