Sometimes we need to be blind to whatever happens after we reach our target for the day, this can help us not to get drawn into the market further and loose at the end of the day.
Frankly I donāt see any advantage of having specific daily trading target! Since, Forex is all about probabilities!
As a beginner in the Forex Market, my biggest target is to save my account at any costs. I do make profits, but I think I will focus on my learning. Only when I am well-prepared will I start setting targets for myself.
I donāt bind myself with daily targets but yes I have a trading plan which I tend to follow very strictly and I do get a result in that. So for me, the trading plan works more than the daily profit target.
Different traders have different targets but targeting is Forex is little difficult as the market is volatile and uncertain.
I think it depends on your strategy. Some traders make a 100 trades per day - for them itās easy to have a daily target and achieve it consistently on most days.
I make up to 10 trades per week on average, some days go without trades at all. So thatās why I have weekly targets instead of daily.
Thereās still variation though - in about 1 week out of 5 I donāt reach my weekly target, but then I make up for it the next week.
I think itās important to have daily/weekly/monthly targets (depending on your strategy) to keep you in the achieverās state of mind, but you canāt think about those targets too much because you will become greedy and you will start acting stupid in the markets.
My focus is on being a good trader, and I use targets just as a āmeasuring deviceā. If I keep being a good trader then the targets take care of themselves. I think thatās a healthy approach.
In Forex, fixing a target isnāt possible because the market wonāt offer same situations every day.