Weekly and monthly goals?

Hi guys
Do u have weekly and monthly goals? For example if you hit 5% on the week then you stop take a break until next week. Or if you hit 15% in the month, then you stop trading until the next month?. I would apreciate your comments. Thanks

Hey Bald head, whats up??. My goal Daily, Monthly, Yearly is to “Trade Well” that’s it, no need for goals other than this. Anything else is Guru Nonsense designed to make one think there is a “Secret Sauce”, nope, all one has to do is trade well every trade. Enter well, manage well, close well, do this, and you will be a success.

The Ever Trying To Trade Well VIPER

I do for most of my trading, yes - like many others doing this for a living.

It’s not a particularly difficult-to-achieve target, admittedly, but I do find it [I]very[/I] helpful for monitoring progress, and sometimes even for helping me to plan my working hours.

My weekly goal is actually defined in terms of “pips profit” (rather than specifically in terms of money or as a percentage of growth, though those things both necessarily follow anyway, of course).

Thanks very much: you made it really comfortable for anyone whose perspective might differ from yours to reply. You might just as well say “And anyone who disagrees with me doesn’t know what they’re talking about”. (In fact that would probably have been [U]less[/U] insulting to others here than what you [I]actually[/I] said.) :28:

I like trading when the sun is shining. I trade short term and find that early Europe and early US sessions is the best time when market has the most volume in what I trade. Having targets limits potential in markets that are volatile and favourable one day and I tend try to hard and force something to happen when it is quiet to my detriment. Having a monthly or weekly target seems to me to be pointless as far as you never know what the next month is going to deliver in terms of opportunity.

MFC, well said, targets always limit potential, and goals can cause massive trading errors trying to reach the “goal”. Your post alone has more wisdom than any 50 on this subject that I have read.

The Ever Congratulating VIPER

I do have monthly/yearly goals for trading, but more than just hard numbers I also try to hit risk management goals or even level up my targets if I’m able to reach them consistently. I do reward myself every now and then with a long break or nice vacation if I manage to surpass my trading goals, but I also try to aim higher next time instead of stopping. Aside from that, I also take the current market environment into consideration (ex: 5% a week seems difficult in tightly ranging conditions) and focus on fine-tuning my trading strategy, which is also one of my long-term goals.

I have an annual target, but I trade what is there. My target is based by my average returns and more of a guideline what I expect and a measuring stick against any potential minor adjustments. Never try to force anything to reach a goal if you have it, look at the charts (if you are a technical trader) and trade what the market gives you and what your strategy identifies. Having a weekly or monthly target is counter-productive in my opinion.