Does anyone set themselves a daily maximum? ie a max profit percentage for the day and walk away? Or is it trade by trade?
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Ideally I want to make a minimum of $250 a week. But focusing on good trades is the best way to consistent profits.
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My daily maximum is 5% risk on open trades. Protecting my account is first and foremost.
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Hey @steve369 do you trade crypto as well? Do you have any intraday strategy that’s been proving profitable for you?
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I only intraday trade FX currency pairs, and scalping DAX index at London opening. I don’t trade Mondays or Fridays usually.
My Ichimoku trend strategy has been profitable over each of the last seven months, albeit positive probability trades that meet my strict criteria are limited. Positive probability is reading the charts for when order flow could put me on the right side of a trade. So my first stopping point is a supply and demand zone in a trending market.
Thanks! I read some of your posts in the forum about the strategies you use. The Ichimoku one is really complex so it’s easy to guess you won’t find trades that get confirmed on all the timeframes by all the indicators all the time. But that complexity gives it a high probability to win.
Do you trade range markets or do you try to stay away from them? Do you have any post about a strategy that can be used in range markets?
I trade the DAX index using the top and bottom (two lines) of the 5m chart price range for the last hour before London opening, for scalping the 1m chart when it opens at 2pm.
That’s the nearest I get to trading range currency markets, which takes a lot of learning to be successful.
WHY? Because the order flow is a fight between the bulls and bells in a zone that only breaks out when either more of the bears or bulls close their trades.
to keep 5 % risk in each and every trade is really difficult and challenging , need a powerful money management.
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If you are running a consistently profitable strategy, what is the reason for limiting your profits by walking away?
Let me clarify. I risk 1% with every open trade. 5 open trades at 1% risk each would be my maximum. Of course if a trade has a high probability of being on the right side, I could move that risk to 1.5%, in which case I have only a 3.5% risk left for other trades.
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I love this topic. I have a daily minimum but no daily maximum. My maximum is dependent on whether I want to keep working at it up until noon or 1:00 p.m. . Otherwise, like this morning, I was done by 8:00 a.m. and out the door.
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How much is your minimum???
This is a good time for me to clarify. I have more of a schedule than a daily minimum. I want to build my account to a certain level by the end of the month and the end of the year, as well as the next 2 years after that.
My plan is to use it as supplemental income.
9 months ago, I made some goals.
Given I am ahead of schedule, for the next 2 months, I just need to average about $40 a day. Thankfully, I am doing much better than that. It has taken a long and painful year to finally settle on a strategy that works for me.
I’m trying not to trade on Fridays and have been able to find time to trade at least 2 days a week. Sometimes I do get the opportunity to trade 3 days a week though.
My goal for next year was to add $3,000 to the account. Now that I’ve been having more success, I am starting to think I should be looking at more like $10,000. Like another poster here, I don’t see why I shouldn’t average $250 a week.
These are relatively small trades compared to the real experts here, but the win ratio is very high, so I can lose one trade in the morning and make a few more to compensate.
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Steve one thing I don’t understand re your post is the bit where you say the London market opens at 2pm?? Are you on a different time zone?
you mean min not max
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Yes. I live in Thailand. BST + 6 hours
Wow what time do you start? 
Usually around 3 am.
I think I started getting up early just so I could be alone to trade while everyone else was sleeping.
Holy cow. Are you on the east coast? What time do you sleep?
No daily maximum. If it’s a good day I’ll milk as much off it as possible to help me endure the bad days. No point in quitting while you’re ahead. I keep daily target of £200 per day in the back of my mind, just so I know if things are heating up or cooling down. Don’t expect to make this day in day out, but as average over about 200 trading days per year…,
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