So, on the one hand I feel I know my answer to this, but on the other, I’m curious as to what others think.
If you have a weekly/monthly/yearly goal for you trading, whether it’s pips profit/% increase/etc, when you clear that goal, do you stop trading for the period? or do you keep trading if you see good entries and try and pad out profits for the periods where you will inevitably miss on your goals?
For me, I lean to the latter, I’m not always going to hit my goals, so I should try and make what profits I can when I can. But at the same time I do see some value in just stopping, and locking in the Goal Clear status for the timeframe. What are people’s thoughts?
Keep trading. A good strategy will just keep performing - the market won’t change its behaviour because you hit a target number, it will keep doing what it does, go with it.
you have your “edge” over the market (otherwise you wouldn’t be trading at all, would you?), and the market doesn’t know when you’ve reached your target
once you have your edge, you should use it as often as you reasonably can - it’s all part of a longer-term, statistical, probability-process, and the more you use it, the better you’ll do, in the long run
In as much as may have a specific time period or number of trades I may take per day when I start trading, I don’t think I should let go if I find a good chance of entry.
After all, the probability of getting a sure entry often is 1/2. So whenever I see such, I grab them and rest when I don’t.
I never stop trading even if I attain certain weekly or monthly goals. I can simply lose my knacking if I would stop trading, and then, it’ll be super difficult to get back to your previous performance.
I ain’t know what guys say, but this things works out for me this way. I remember once took a break from trading when managed to increase the deposit by 50% within a month, and imagine what? The next month was unprofitable and I got back to my initial deposit sum… failures happen.
Maybe it depends on one’s strategy and plan?
As for me: my plan is built on a very basic day trading strategy (one trade a day, opening hour, European session). No signal in the opening hour? No trade, I’ll see what tomorrow brings.
I’m not a pro, I have decent performance and I’m always trying to improve. And I can’t know when I’ll be profitable and when I won’t, which month will be good and which one will be bad. So, I don’t set any trading goal and I rather try to be consistent in my small trading activity and I accept - sometimes not too happily - what the market gives me (or doesn’t give me) day in and day out.
Well, actually I suppose that I could call THIS my trading goal… consistency.
But it’only my thought.
I love this thread.
I think it’s a good idea to stop when you reach your (xyztime)-goal so your goal is safe and locked in. On the other side you could even go beyond your goal and make even better profits I guess.
Well if you ask me: i reached/broke a personal record yesterday at gym, should i now stop and quit? of course not. you know what i mean ;D
I agree that it is not enough to be able to analyze the market. You also need to be able to control your emotions and be able to wait for suitable conditions for trading. And this requires discipline, endurance and lack of haste. Only then will trading be profitable.
I really resonate with what you said. As a newbie trader that just started out in less than 2 month and still trying to figure out what works best for them, and seeing that you are not too long in the game, is there any tips you have for me and also im leaning towards swing trading and i am currently unemployed. is there any advice for me?
i also sorta like day trading too but im still figuring out thing outs. reason i im leaning towards swing trading is that i might busy through out some days i wouldnt want to miss the action of the trade during the trade.
my questions are all over the place, lol!
Your response would mean alot
Depends on your plan and trade type. High intensity scalp trading volatility takes a lot of energy and I find is most sustainably profitable in one hour sessions, no more than two a day. Longer term swing trades could still provide sustained profit from one or two hours work. Trading is not a money for time business. When volatility is low it is often better to go and do something else. Study, keeping physically and mentally fit and living a balanced life with good relationships all contribute to sustained profitable trading. It is said that if you are clever it takes about five years to become a consistent profitable trader, and if you are really clever it will take ten. Trading can be a doorway to big money, it is certainly not easy money in my experience.
Setting timeframe goals depends on individual trading styles and objectives. Short-term traders may focus on intraday or short-term charts (such as 5-minute or 1-hour), aiming for quick profits, while long-term traders may prefer daily or weekly charts, seeking larger trends and holding positions for extended periods. Deciding whether to continue trading involves assessing current market conditions, personal performance, and adherence to trading rules and risk management. If market conditions are unfavorable or if personal performance is inconsistent, taking a break or reassessing one’s strategy may be prudent.
Hi. I’m a newbie so I can’t give you any advice BUT this one: 2 months are really a short time, so don’t be discouraged if you are still trying to find your way. I spent a lot of time trying different timeframes, from daily to very short ones. Finally I decided that swing trading simply isn’t for me, at least not now (who knows what future brings). I do prefer day trading with very short timeframes. But I took my time to find what worked for me. If I could dare to give an advice, this could be: take your time and don’t think you’re wasting time. Trading is really a personal thing.
- what the market gives me (or doesn’t give me) day in and day out.