Any of you pressured/disappointed that you don't make a certain amount per day?

I’m a newbie perhaps trading for 1 and a half months. So far i have never blown my account. In fact i’m in the green. For the last few days i have been making money. The worst that has happened to me was me losing all my profit not my capital but i promptly made it all back.

I know that the main concern in forex trading is to prevent yourself from losing your capital getting a margin call and to prevent yourself from getting into a losing trade before even thinking about profits.

For me my goal is to make 100 bucks a day with a capital of around 2.7k and leverage of 50 cos that’s the max my broker oanda allows.

Well of late i have been making profits but i don’t make 100 all the time sometimes it’s less and well i’m not that satisfied about it and wish i could make more.

Do you think that this is the mentality i should have? I know that one should not be too greedy but still it’s good to have goals don’t you think? I am rather disappointed sometimes when i don’t make enough money and i have also been increasing my lot sizes. From 2 mini lots i now put in 4 mini lots for every trade i make so that i see more money come in.

profit goals I think are one of the MOST detrimental things a trader can do to himself. 2 reasons 1) if you reached your profit goal your probably in tune with the market and are cutting yourself off early 2) if you didn’t make said profit target you feel the pressure and may begin to trade poorly, sup optimal entries, cutting winners, etc. which then leads to either more losses or at best very inconsistent trading.

Man, you’re doing great for someone trading just over a month :slight_smile: There’s nothing wrong with setting up goals but they shouldn’t be the endgame.

100 bucks a day is good and achievable for certain periods with your current capital and leverage but the market doesn’t always move the way we want it to hence there is no assurance of a profit.

There are also days when it’s not advisable to enter the market. If you’re stumped looking for indicators, it’s often best to leave the market alone. Don’t trade for the sake of trading so there goes the 100 bucks goal. The best goal is to make any profit (doesn’t matter how much) while limiting risk.

Mr. Spock says that logic should be over emotion but we’re only human.

Good luck and more power to your trading :slight_smile:

First… is this a real or demo account?

it’s a real account. On my demo account i have 10 million in the account and i trade the maximum of 100 standard lots without much thought. I made profit on that too.

It would be kind of silly for me to start a thread if i was trading on a demo.

I am disappointed I don’t make a billion dollars a day shorting the GBP

So did you go from demo to live in the green within 1 and a half months of completely starting out, guessing you had some previous experience, either way just stick at it, and become consistent with your winners, don’t think too much about the amount being won, just try to ensure that you’re consistently winning those trades!

The way I do it is that I don’t have a daily goal, but rather a trade goal. What I mean by this is that every time you enter a trade you should have a target profit (groundbreaking stuff right?!) and stick with that, because having a daily goal will cause you to look for something that just isn’t there at times, and you might enter into a trade for the sake of fulfilling your daily goal. Hence I enter only when an opportunity is before me and I set my goal based on that.

Having a goal is very good but you should avoid the greedy. After lossing, you become to be more hunger the profit. It’s not good for you. Please stay calm and prepare carefully the trading strategy before going to trade.

Good luck.

Every other Business has Aims, Objectives and Goals. And the more appreciated ones are the statements that can be quantified as they can be measured against the actual performance of the business moving forward.

Just like these businesses, trading is on the opposite side of the same coin.

There is nothing wrong with setting yourself reasonable and realistic goals, although the more experienced you become the more accurate your objectives will also become. You may find that trying to set some sort of achievement target at such an early stage in your learning curve is going to prove to be short lived.

Yes. As to daily goals a agree. Because the businnes is not businnes when you have no goals at all. But Forex for me like casino give a lot excitement and adrenalin. And you have to be resonable and be able to stop in time and not to loose to much per day. If you have loose after loose maybe it is better to stop for today and not chase for your dayli goal.