We are coming almost to the end of the year (maybe someone not) and we have to make a trading plan and set our trading goals and expectation for the next year. So for example, if you achieve your goals in the first three months ,will you keep taking risks (oportunities) or maybe only chill on some beach bar? =
I would look at why that happened. Was it odd market conditions, luck and being on the right side of a spike, poor risk management that I happened to get away with etc. 3 months is too short term to approach something that can make money for years.
It depends on the strategy. For example, the GBP/USD London opening range break-out strategy can only occur once per day. Maybe it makes a consistent 60% win rate but then produces a month of consecutive wins - so the win rate this month is boosted to 100%. I would expect the performance next month to revert towards the long-term average.
In more fluid situations the response to a run of good results is to keep trading.
If you want to control risk, you must follow money management. Money management and risk rewards help to perfect the trading strategy.
thats mathematically impossible to reach my goal of an entire year in just 3 months based on my limit of trade per day and my winning rate
but if i did that, i may take just 2 weeks of holiday in order for me to relax, to stay with my feet on the ground , to enjoy some deserved vacation.
and during these vacation i’ll be making an investment plan for the next 10 years (with some of my profit won in the market)
but after 2 weeks , lets go back with fresh and clear mind. with humility (being humble) and with happiness. only 2 week is enough to relax and not too long in order to keep on track (because if you take the rest of the year of vacation , when you’ll come back you’ll have a hard period tradin at the beginning where you’ll have to adapt again to the market)
And of course during my vacation i’ll go to see my mentor, offer him a lot of gifts that I bring from France(Wine, chocolate, perfume , maybe a luxury bag for his wife,etc)
Ok, maybe is short period to achieve your years goal in three month, I say only for example. In my situation I start with 2000$ account. In first 5 month I made 480$ and I finish the year with 260$ profit, thats way I ask this question
no dont take vacation with so little
in the questions you’ve asked holiday is for trders who made an astral performance (winning hundred thousands or millions)
keep on. it might sound great for you in type of perf but that not good in term of amount. if you’ve got an account of two million and made 500k yes you could think about going in holiday but in your situation it is not recommended
I say vacation like a joke, because every beginner trader expect lifestyle like that by the way with 2000 $ account i don’t trade for a living. My question was of another theme
If you want to reach the desired goal, you have to work according to the discipline and plan. Because without discipline and plan, it is never possible to achieve trading success.
Making a big assumption that I do manage to achieve my target in the first half of the present year, I’d continue to trade, you know, just in case I don’t manage to meet my goal in the following year. It wouldn’t hurt to make a little extra.
My plan for the year is still to continue to seek trends to enter and ride. But what I want to do from here on is to take some early profits but leave half of the first trend-following trade open and keep adding to it every time the trend shows any sign of weakness or pull-back. I am therefore not setting TP’s and not using trailing SL’s.