Question 1-Do you set a certain ES "points per day goal" before you trade for the day?...I.E. 1,3,5 etc. Question 2-How many ES points do you average per day? Thanks!!!
I don't like having daily goals. It puts too much pressure on the trader. Some mornings you may make $250, some you may make $10 and be lucky to survive without a big loss. In any event, you cant squeeze something out of a dead lifeless market. What if you have 15 minutes left in the trading day and your no where near your goal. Thats going to cause some over trading. Yesterday I was neutral on the day, today I made a good deal of money. I'll accept that. I do however have daily loss limits. If I lose more then $2,000 I'll stop for the day. Cajun
Everyday provides different opportunities in terms of points. The intraday range can be 6 pts one day and 25 pts the next. No way to know in advance how good or bad the trading day will be. So why put some arbitrary limits on your trading? Makes zero sense to me, just trade whats there each day, as it unfolds.
this a great technique that is used by pros booking a month but doing it for any one day could be tough as other threads answer-