target met, continue or stop trading

Hi all,

Suddenly thought of this question, if your weekly or monthly target is reach (example your target is 100pips per month or 25pips per week). Well you continue to trade or stop and wait for next week or month? And how do you all set your target, by week or month or even half yearly? BTW target can also be in %.

Something when i see my target reach and continue to trade, I have the fear of giving back to the market even i saw a signal. how to you all deal with it.

Thank you,
SKin

depends on your strategy.

you want to make 100 pips per month but on a trade you made 100 pips

this is a debatable issue, i would say dont think in terms of pips think in terms of getting to know the rhythm of the market. pips money not important the important part is the KNOWLEDGE. Learn to trade, troubleshoot, you will make it in this game

read technical analysis fallacy
look up jackos house of pain
and look at crucial points threads

I don't have a hard target, but I do use 3pips (1%) a day as a guideline. Normally I just take a trade or two, get my pips and am done regardless of target. Sometimes I get 3+ sometimes only .5, sometimes a loss. I've been working on taking a couple more trades when markets are favorable to get 3+ more often.

Whether YOU should stop once your target is reached depends entirely on how you feel and how you react to the markets and trades. Maybe you shouldn't even have a target. Find what fits you and go do it to it.

Technically it doesn't make any difference. All trades are independet from each other. The market doesn't remember your trades. In fact the market doesn't give a fuck about your trades. If you place one trade today and tomorrow is the same as if you would wait 3 months between each trade.

Hey all- first post

I'm returning to trading after a 10 year absence and hoping to turn in my 95% club membership card.

I would say don't go for a daily target but run a monthly or weekly target. And base those targets on track record.

If you want 100 pips a month that would be 5 pips a day on a 5 day work week. Say today the market is working for you and you can take 10 or 15 or even more. But you're in the zone and the signals are good. I say keep trading, as long as you aren't getting emotional and drunk on your winnings.
Tomorrow the market may turn and you don't see a good trade. Worst thing you can do is try to make a trade where there isn't one just to meet target.

Since I'm not in the business for one week or one month, I trade based on whether or not I strike my revenue targets for the day. That day, is broken down to Hourly Revenue Targets. If each hour's targets are met, the daily target will be met and thus the weekly and monthly targets will get met by definition.

This really all depends on WHY you are in the business to begin with. Some people are just trying to make some money on the side, while others are trying to make a billion dollars to maintain a private fund as a career. Whatever the goal, it should be based on a trading system that has a fairly high degree of probability of success to a specified target. Otherwise, you have absolutely no empirical way of determining whether or not you can stop for the day.

Unless your revenue target AND your time-line for getting there is clearly defined, you can't possibly know when or where to stop for the day. The approach to revenue/account balance growth, should be just as systematic as your trading approach. This probably explains whey so many people fail in this business - they have no systematic approach to revenue growth, which means they are trading by the seat of their pants, with zero vision on the profit horizon and no real mission statement to trade against.

You need a clearly defined reason for being in this business - or any business, for that matter. Clearly defined reasons bring about clearly defined goals, which bring about clearly defined revenue targets - which in turn will tell you exactly when to end your trading day and head for the beach, golf course, airport, the park with your children, or dinner with your Wife.

Keep it in context. Keep it measured. And, always keep your revenue expectations well defined and on course, which means on schedule. That will just about take care of the question: "When do I quit." Anything more is blind greed, which leads to foolish mistakes and ruined profit opportunities.

Bruce Lee, used to say: "Be like water, my friend."

Well, in this business, the trader needs to: "Be like a robot, my friend. Consistently executing the same things over and over again, until you reach your defined targets/goals on schedule."