daily target or not | Forex Factory

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daily target or not

  • #1
  • First Post: Jun 23, 2016 5:10am Jun 23, 2016 5:10am
i have a simple but very important question i'd like to ask the pros here, setting a daily pip/% profit target daily or setting a time limit to trade, say i would like to trade from 9AM TO 1PM regardless i end in profit or not i stop trading and maybe study. which is more productive in the long run? i ask because i feel when you have a daily target you could be forced to over trade and place revenge trades just to makeup while on the other hand having daily profit targets could make one more focused.
  • #2
  • Jun 23, 2016 7:47am Jun 23, 2016 7:47am
Quoting amoc
i have a simple but very important question i'd like to ask the pros here, setting a daily pip/% profit target daily or setting a time limit to trade, say i would like to trade from 9AM TO 1PM regardless i end in profit or not i stop trading and maybe study. which is more productive in the long run? i ask because i feel when you have a daily target you could be forced to over trade and place revenge trades just to makeup while on the other hand having daily profit targets could make one more focused.
In my opinion setting up daily targets isn't always feasible. You might be able to achieve them, or you might not, it depends on the market. Trying to achieve them despite the market can only make you overtrade and it can lead to losses.
  • #3
  • Jun 23, 2016 8:47am Jun 23, 2016 8:47am
Quoting dianajs
{quote} In my opinion setting up daily targets isn't always feasible. You might be able to achieve them, or you might not, it depends on the market. Trying to achieve them despite the market can only make you overtrade and it can lead to losses.
thanks diana for that response
  • #4
  • Last Post: Jun 23, 2016 8:59am Jun 23, 2016 8:59am
i asked because i have two accounts i trade with, i noticed that the one i set a daily target on has grown more than the one i trade with a stipulated timeframe. however i have my doubts about how long such method would last in profits.
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