I don't have a daily target, as I feel it would encourage me to take trades even if the trading set up I look for isn't really there. Which I feel would hurt my profits in the long term. I prefer to let the trades comes to me and if they're not there then I just sit it out.
I tend to put my stop loss about half the width of the channel that a market is ranging in above that channel (if I'm shorting) and I'll look to let my profits run all the way down to and hopefully below a third touch of structure on a higher time frame. If this happens I look to lock in profit aggressively, expecting a retracement by putting my stop loss on the trend line that price action has just broken below and therefore catching all of the move.
Since I've demo traded this way I've turned £50,800 into nearly £78,000 in just over three weeks, risking a mere 1% of my equity per trade.
In fact, for every trading month I have at least an approximate one, and in the process of trading a more specific plan of action is formed, as I do not think that a trader can act on the eye or somehow spontaneously, yet you need to prepare for trading. But the main thing is that this plan is really implemented, not just written down on paper, because it makes me a responsible and prepared trader, who trades instead of dealing with nonsense. That's why I consider the day when I managed to realize at least half of the planned positions in the market to be successful and effective for me - accordingly, thanks to this I get at least the minimum planned profit, and it gives me strength to continue. Of course there are different things, so in any case the main thing is not to give up!
|
Additional Username
|
Joined Dec 2018
|161 Posts
It seems to me that my main goal is always to stay abreast of new developments and market situations that can affect my profits and can help me to feel more confident and my work more productive and competent. I think that a trader should be in constant search, it will not be enough, if you study some strategy once and apply it permanently, you will probably sooner or later be disappointed, because the market has high dynamics, which should be under your control. So I just try not to be lazy and competently analyze new information, because the trader is primarily a practitioner, not a theorist...
The main daily goal is profit, but I don't count on luck or that everything will work out by itself. Unfortunately, or to my joy, there are no accidents. But I want to say that in any case, I do trading not for pleasure, but for profit, for money. That's why I have to achieve all the goals in order to reach the planned income.
Of course, it takes as much time and effort as any other business, but on the other hand, it has its advantages, such as the fact that you have no territorial restrictions on your location and the conditions in which you work. And of course no fuss, the rush in the market leads to excitement and a desire to get everything here and now, I was initially ready for the fact that my path will not be quick, but I see the prospects that I got as a result. And I am satisfied...
