Profit or Loss appropriation targets? | Forex Factory

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Profit or Loss appropriation targets?

  • #1
  • First Post: Edited May 2, 2011 9:48pm Apr 12, 2011 5:25pm | Edited May 2, 2011 9:48pm
This question is geared more towards those who trade forex for supplemental income. I ask it in the spirit of making conversation only...

Do you ever enter a trade with the thought that it's profit or loss is appropriated for something (or nothing if a loss). Example: Want to go to concert and concert tickets cost $200. Therefore I will risk $100 to make $200 and go to concert. If I lose, I shall stay home that night. Or I'd like those sneakers. They cost $80. Therefore, I will risk $30 to make $80 to get sneakers I want. So in essence I'm trading for shoes. LOL. I know this is a silly topic, but again, it's intent is just for discussion.

I guess in some way though, it's principle is based in every trader to a different degree and perspective (pro or amateur).
  • #2
  • Apr 12, 2011 7:52pm Apr 12, 2011 7:52pm
Quoting 2+2=4ex
This question is geared more towards those who trade forex as supplemental income and/or recreationally. I ask it in the spirit of making conversation only...

Do you ever enter a trade with the thought that it's profit or loss is appropriated for something (or nothing if a loss). In this case just for fun. Example: Want to go to concert and concert tickets cost $200. Therefore I will risk $100 to make $200 and go to concert. If I lose, I shall stay home that night. Or I'd like those sneakers. They cost $80. Therefore, I will risk $30 to make $80...

Try trading for food. You'll be fine if you miss a concert or run in your old sneakers but hunger will make you choose trades better.
  • #3
  • Apr 12, 2011 8:20pm Apr 12, 2011 8:20pm
Quoting seagreen
Try trading for food. You'll be fine if you miss a concert or run in your old sneakers but hunger will make you choose trades better.
Yes. Probably is no greater motivation than to pay for groceries (food), mortgage (shelter) and other bare essentials. The pressure can and should make one more selective if it's down to survival. Now I don't depend on trading to pay for the essentials, but I do take it serious and realize that someday it may be a primary source of income. I created a thread such as this to talk garbage basically and pass the time.
  • #4
  • Apr 12, 2011 9:22pm Apr 12, 2011 9:22pm
I think this is actually an interesting perspective on trading, a bit outside of the box, and allows for some rewards. Part of my trading plan includes something along these lines, in that I plan on opening up several smaller accounts that have a single longer term system applied to them, thus not requiring too much time to manage. One would be for charity, another for my kids, then one for me, such as a new car. They would likely take some time to reach the desired goal, but kind of takes some of the monotony out of trading.
  • #5
  • Apr 13, 2011 5:06pm Apr 13, 2011 5:06pm
I don't think like that at all.

Before I started with Forex I played poker semi-professionally for 2.5 years. In poker you learn really quick to stop seeing the buyins as money. Even when the buyin is $200 per game, it's just a buyin. It's not shoes or a nice dinner. When you lose 5 and are down $1k in a day you don't see it as all the cool shit you could have bought but now can't. You just see it as 5 buyins.

I brought that same mentality over to Forex. When I lose a trade or win a trade, I don't equate that with the stuff I could have bought, or can now buy. It's just profit or drawdown in my account. Just numbers that must be respected.
  • #6
  • Apr 13, 2011 8:42pm Apr 13, 2011 8:42pm
Quoting Trankuility
I don't think like that at all.

Before I started with Forex I played poker semi-professionally for 2.5 years. In poker you learn really quick to stop seeing the buyins as money. Even when the buyin is $200 per game, it's just a buyin. It's not shoes or a nice dinner. When you lose 5 and are down $1k in a day you don't see it as all the cool shit you could have bought but now can't. You just see it as 5 buyins.

I brought that same mentality over to Forex. When I lose a trade or win a trade, I don't equate that with the stuff I could have bought,...

I am still playing, more for killing time though
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  • #7
  • Apr 14, 2011 7:52am Apr 14, 2011 7:52am
Hah, nice.

1 time dealer, 1 time!
  • #8
  • May 2, 2011 9:47pm May 2, 2011 9:47pm
If I'm up 1% for the week by tomorrow I'm going out to eat stone crab.

If I'm up 2% at weeks end I'm going to get the ipad.
  • #9
  • May 3, 2011 1:04am May 3, 2011 1:04am
Quoting 2+2=4ex
If I'm up 1% for the week by tomorrow I'm going out to eat stone crab.

If I'm up 2% at weeks end I'm going to get the ipad.
and what you do, when your have the inevitable down weeks? You going to clean public toilets as punishment?
  • #10
  • May 3, 2011 1:10am May 3, 2011 1:10am
Quoting Custos
and what you do, when your have the inevitable down weeks? You going to clean public toilets as punishment?
Haaaa... no.

I never have down weeks
  • #11
  • May 3, 2011 1:12am May 3, 2011 1:12am
Quoting 2+2=4ex
I never have down weeks
I take my hat off to you!
  • #12
  • May 3, 2011 1:49am May 3, 2011 1:49am
Quoting Custos
I take my hat off to you!
Obviously I was joking. There are good weeks and not so good weeks. From week to week I really don't bat an eye though since my main method is big picture... very big picture. To kill boredom in between (and possibly make a little extra) I do try and take advantage of some daily patterns that I deem higher probability (with a side pot - subaccount). The outcomes of these "side trades" would be more relevant to this thread and the toys that come from them from time to time.
  • #13
  • Last Post: May 3, 2011 1:53am May 3, 2011 1:53am
Quoting 2+2=4ex
Obviously I was joking. There are good weeks and not so good weeks. From week to week I really don't bat an eye though since my main method is big picture... very big picture. To kill boredom in between (and possibly make a little extra) I do try and take advantage of some daily patterns that I deem higher probability (with a side pot - subaccount). The outcomes of these "side trades" would be more relevant to this thread and the toys that come from them from time to time.
I also like the very big picture! Lots of profits to be found on the higher time-frames.
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