I am new to forex and also to this forum, i’ve been reading through topics about starters’ failures and steps to be taken. I followed exact steps to set the Stop Loss as per my limit suggested by experts here and it did work thrice
Here is my question about a daily target, how do i set a target ? should it be a fixed set of pips or dollars to earn. From one of the expert’s posts here i read it is though to set a fixed target as it is draining confidence if i do not make it. So i kept a range between $A-$B and it seems to keep me little satisfied than before. I want to know any other ways of doing it as i am still testing the waters.
PS: I am a full-time trader since 12 days, from India(I trade on NSE - binary USDINR). Trading for a career and not on luck.
I think it will depending with style trader, many scalping trader usually will having target only few pips might around 5 - 15 pips each trades, but will different as intraday trader might they have target around 30-40 pips because average movement daily around 100 pips, but will different again as swing trader might they can having target more than 100 pips because they work as long term plan trading using larger timefarme
I find a [I]monthly[/I] target much more significant and helpful than a [I]daily[/I] target, myself. (I aim to profit by a target percentage of my overall account, by the end of each month, and use “overall percentage profit” as the defining parameter.)
I agree. The market often differs too much from one day to the other to set a daily target. It can be very volatile and have a clear direction one day and on the next it could be barely moving. It’s much easier to figure out a monthly target.
when you don’t achieve your daily target it will stress you, and during flat market days like (mostly Monday) will insist you to jump into trade though you have no trade signal. since psychology plays the major role for trading and to achieve targets, its is preferable to have monthly target than the daily target.
