Revisiting an old Poll, Do you clearly and specifically predefine your profit target?

Discussion in 'Risk Management' started by TonePot, Mar 4, 2018.

Do you clearly and specifically predefine your profit target?

  1. Yes

    11 vote(s)
    47.8%
  2. No

    12 vote(s)
    52.2%
  1. schweiz

    schweiz

    I don't do that, as it costs me more money. I have a very high win/loss ratio so the impact of a losing trade is smaller then the impact of being stopped out from a profitable trade while trying to avoid losses. I do put a fix stop, but when the stop is hit I lose money. But with a drawdown that never reaches 30% I can live with that. Recovery time is also less then 24 hours so losses are irrelevant.
     
    #11     Mar 5, 2018
    Xela likes this.
  2. Hello schweiz,

    For me, I struggle on the who breakeven part. My bigggest concern is breaking even and price then take off to make more profits. I do not like fake stop out where I get stopped out and the price go in the original direction. That burns me up.

    I really don't care about the loss, as long as it's not a fake out.

    Regarding profit targets, I now know in order to make the big money, I really have that management that trade. Just exiting at the next resistance level if long, may not be the best trade management.
     
    #12     Mar 5, 2018