What should be daily targets for a daytrader?

I am a daytrader and trade crude oil. I have my own targets but I want to know what other people consider to be a reasonable amount of target daytrading volatile markets like crude oil.

Please tell me what should be the daily target if total account equity is

1)USD 20,000
2)USD 100,000
3)USD 200,000

Offcourse targets wont(and should not be) proportional for all 3 accounts coz as account size increases various factors such as human sentiment get involved. I know nothing should interfere in ones system but still it happens and its a fact.

Input from other traders would help everyone establish a realistic target and feel proud achieving them

 

I think it's irrational to set any daily target at all. I am in a position until my system tells me to get out or reverse. This may happen 1 point from the current price, or a 1000 points from the current price. I'll take whatever the market is giving, and I will not try to force my own "targets" onto the market.

 

Any target will do, as long as it's negative (losses).

Virtually all daytraders lose, even more so in crude.
Large orders that move markets are totally random.

 

1) At a minimum, you should relate your account size to making a "reasonable living".
2) With $20,000, what average daily return do you need in order to generate atleast $60,000 to $100,000 profit in a year?
3) The answer, without compounding, atleast 1.2% to 2% per day, every day, day in and day out. The larger accounts would require a smaller return.
4) One problem with a smaller account is that your results are likely to be more volatile than if you were trading a larger account.
5) You will have cold and hot "streaks" that will affect your attitude. How well will you deal with that? Do you have enough cash set aside elsewhere so you don't have to withdraw trading funds to pay your bills?
6) Having a larger account will allow you to trade more types of lesser-risk strategies than just scalping outrights back and forth.
7) If your system is volatility-sensitive, can you withstand sharp increases or decreases in order to maintain profitability?
8) If you can advance two steps forward and one step back again and again, you'll be fine.

 

Dollar amount targets for a trader can often represent an arbitrary goal. Instead of focusing on the dollars one can earn, a trader should place their focus on the proper execution of their trading plan. Once a trader can consistantly (and correctly)execute, day in and day out, the dollars will follow at a very rapid pace.

Correct and Consistant Execution should be the goal of every trader. Dollars earned simply represents how we keep score.

- Spydertrader

 

Correct but dont you all think if one follows system everytime, he risks 'overtrading' and falling in potential pitfalls generated my bigger players especially in volatile markets?

Ive been consistently profitable by achieving my target and getting away from the system. Even as of now, I posted a live call on crude oil for more than $2 but as I had already achieved my target, I didnt trade.

In this light, the real purpose of my question is to guage what other people think of an appropriate target for the above mentioned 3 accounts so that I can adjust mine

 

For me, i tend to avoid target that i want my total account to be because it ends up becoming a resistance as i hold my positions too long in hopes of reaching it. On the other hand, it can be a good tool for one to take profits though if reached.

anyways, so i figure daily profits should be price targets for the instruments u r trading. Rather than focusing on the amount u want your account to be at, focus on what the markets is giving u. Not sure if that makes sense.

Anyways, if u short, depends on the time frame but have the the targets a bit above a support and visa versa for a long position.

just my thoughts.

 

Why???? Were you trying to predict the market? Or weren't you sure about your execution abilities?

 

Daily targets? You should set your performance metrics on a monthly basis.

 

If there is a number you frequently see yourself up, and know you can quite easily reach, yet you don't find yourself up 20 times that number on the month, that should be your goal. For example, if you are often at one point in the day up $800, yet you're not making $16k/month, $800 is a good target.

To stop on a day because you're up $800 is stupid unless you sense the market is totally dead or grindy and choppy as shit to a point that you will frustrate/stress yourself. You have to exceed your daily target - sometimes vastly - to average your daily target at the end of the month.