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

At least something good happened from the Brexit shenanigans! I got some tasty, tasty pips on the EUR/GBP!

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Hahaha! :smiley: Yeah! :slight_smile: Super happy for you MJane! :slight_smile: Good job. :+1:

No, I do not, because I think that’s the wrong way to go about things.
Setting such goals only puts you at risk of missing them and getting stressed out about it, which is the ultimate pitfall as that will only have you chasing your losses.

The best way to go about things in my opinion is to simply take things in stride and work to perfect your system - if your system is good and you’ve done your homework - profits will come.

Don’t put the added pressure of goals on yourself until you are entirely convinced that your system is bulletproof and you can trade full time.

Good job! Keep up the good work!!!

Thanks!

And you, what did you make of last week?

I focus on one pair and I make sure that my indicators for entry and exit are followed. Setting TP in this dynamic market at times creates fear in my mind. Risk management here is very important, I only risk 1% of my account per trade. My goal is purely to make good trades and to follow my trading system. The second goal is to fully understand the pair am trading so that setting stop loss becomes automatic. In fact I trade EUR/CAD, and I just look for other pairs to compare their pip movements but do not trade them.

Thanks for sharing your strategy Crypto2. :blush: I think focusing on one pair allows you to really get to know the pair better and what are the things that affect their prices. :blush:

What if i want to start trading as a scalper what are the strategies i should use ?

For the last two months of single pair trading i.e EUR/CAD i have realised that whenever, i enter my trades that are not at support/resistence level i loss the trades. The second learning point is when i set Take profit at more than two candles (big candles) i loss the trade too.
My indicators Stochastic and TDI tend to be accurate but attimes they require me to constantly watch the monitor 1hr TF, is used for my entry.
My risk management is stictly 1% per day and now am emotionally okay with it.
Achievement. When i set my target in dollars say for $70 per day with an equity of $5000, and only three trades per day, i tend to achieve my target without making emotional trades.
Senior traders kindly advise me if am on the right track i.e dynamic world of forex trading?.
Am still testing multiple Time frame analysis, but with no success, and i think am a swing trader because i evaluate my performance weekly.
I have only achieved 40% of my expected monthly target. i.e $70 per day. Advise me if this target setting can make me a successful trader over time.
At times i see good trading opportunities on other pairs but keep on fearing to deviate on my rule of single pair trading. Is it ok to execute trades on other pairs that are not on my initial plan if they meet my trading system criterias?. My original rule has been plan a trade and trade the plan.
Your advise will be highly appreciated.

Stick to your trading plan. If you want to add more pairs, add it to your trading plan and evaluate the outcome in your trading journal review. Then you decide if it is profitable or not. Only you can decide that because your trading style and trades you make are uniquely your person.

I always try to work in percentages, not money.

How many days in the month do you make a profit and what % of your account capital is the average profit on a profitable day?

10% a month

I like this 10% a month from @jessoprules.

For others, in trading, your potential gain must match your risk. Every year we risk 100% of our money: so every year we must aim to make at least 100% profit. If you make only 6% a month for a year you will have made 100% in that time. Just don’t draw any money out of the account and use % risk and targets per trade., not money risk and targets.

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Thank you and nicely put.

Yes, keep track of it gives me an idea of what to do in the next trade.

Certain goals are achievable certain goals i keep it as a challenge to improve my trading skills.