Do you have a daily, weekly, or monthly goal in profit?

[ria_rose]

Hellooo.

I know that the markets could be unpredictable at times and sometimes, it’s hard to say how much you’ll get from a single trade. This just made me wonder if you guys measure your goals daily, weekly, or monthly? Do you measure them in pips or in currency value? And what do you do when you don’t hit your goal?

[artawidi]

My goal is 10% monthly,
I am viewing forex as investment,
Where u can get 10% monthly return as cheap as forex?

And what do you do when you don’t hit your goal?

Look for another pair for another opportunity

This happened to me this morning,consisder this as bad luck and move on

[MaydayJane]

Daily, Weekly, Monthly goal: Do not lose more money than you make.

[Rickster99]

Hi. My minimum aim is for 1:1 risk reward per week. Therefore if your risk is 1% the monthly target is 4%. Do that consistently. So I am aiming just to be correct once per week so I patiently wait for the right moment to trade. That’s it. Over the month I’ll hit the target because I dont over trade and am patiently waiting for the market to show me the direction. I’ll move the stoploss as the market moves. So if it gives more that 1:1 I’ll take it.

If the market was slow for a whole month and didnt move and i missed the monthly target then I would not chase, forget it and start again the following month. My expenses are less than trading target so I always have extra.

[alphahavoc]

This just made me wonder if you guys measure your goals daily, weekly, or monthly? Do you measure them in pips or in currency value? And what do you do when you don’t hit your goal?

I hope to make as much as possible, in what the available time in one day allows me to. When times up or when i don’t feel like monitoring anymore for the remaining hours of the day, i should close my trade, regardless of losses or profit, even when my stop or target were not triggered.

[Trader02]

I think the goal should be to hit your TP based on your strategy. Having a daily, weekly and monthly goal will just make you greedy as you tend to risk (open additional trade) something just to hit your target.

[bizdons]

2.5% gain a month is my target.

[tommor]

I don’t have a target because the physical constraints of your system set the target.

There are ways to increase your return -
increase your account capital - but how come you had money lying around not working for you?
take more trades - but surely you already take all the trades that your capital allows which fit your set-ups?
increase your position sizes - maybe, but only if your strategy is cast-iron consistent
select better trades - but aren’t you already taking the best trades and leaving the worst?
cut your losers earlier - sounds good
run your winners longer - sounds good
don’t make mistakes - surely you already follow this rule?

But if you can improve the above then your strategy wasn’t really ready yet. Once its matured and developed as far as you can go with it, then it hands down your % return and you can only increase that by changing strategies / trading styles altogether.

[ponponwei]

I used to have weekly goals but after not reaching them so many times, I decided I just want to not lose money

[hsg1974]

Yes I like to average around 10% per month of my starting account value. To do that I need to shoot for around 100 net positive pips.

[artawidi]

Thx for your feedback man,
My trading style is set and forget,
When its reach 1:3 RR ratio ,i set it to BE and aim higher,
it should BE but thats morning spread just too wide

Having a daily, weekly and monthly goal will just make you greedy as you tend to risk (open additional trade) something just to hit your target.

True,

[ria_rose]

Look for another pair for another opportunity

Ooooh. That makes sense. But does this mean you don’t have a pair that you constantly trade?

[ria_rose]

That’s definitely the goal! Haha. So you don’t have a specific amount/ percentage in mind, as long as you don’t lose more money than you make @MaydayJane?

[ria_rose]

So I am aiming just to be correct once per week so I patiently wait for the right moment to trade.

That must require intense patience and disciple. Has it ever happened to you that you got this one trade wrong?

[ria_rose]

Ooooh. I feel like we have a pretty similar approach. I figured this way would have less pressure. Haha. Right now, since I’m still patiently working on my demo account, I just wanna make as much as possible. I was curious how this will work for a live account though.

[ria_rose]

That’s also an interesting easy way of looking at it. So for you, it really differs per trade? How many trades do you usually take per month?

[ria_rose]

I feel like that’s pretty realistic. Haha. How has it been going for you so far?

[ria_rose]

Oooh. Thanks for this Tommor! Tbh, I’m still working on my strategy so I can’t say I 100% fully understand what you mean by this. Should your profit goal be incorporated into your strategy? And what if you strategy doesn’t really dictate where you should put your TP, but more on the trade entries and exits?

I don’t have a target because the physical constraints of your system set the target.

Sorry for the stupid questions! Haha. But thank you so muuuuch for your response.

[ria_rose]

I like how it sounds so easy to do, but in reality, it’s still a struggle.

[tommor]

I don’t use a TP because I’m always in trend-following positions, and there isn’t usually a way for the TA to tell where a TP order should be set (I ignore support in downtrends when I’m short and resistance in uptrends when I’m long).

What I mean is the overall physical nature of your strategy will decide your profit level per year for you. If you start with $1000 and trade 100 times, and you have a 50% win rate and a 1:2 r:r, then the profit you make is pre-determined. You cannot increase that profit level except by changing the system.