What is your daily goal?

As a day trader, do you aim for a certain number of pips, a percentage, or a dollar amount?

I’m thinking of aiming for about 20 pips a day or just going for about 1-2% of my account balance.

What do you aim for and how often do you meet your daily goal?

I don’t actually use a daily goal or target. I prefer to use a weekly goal this doesn’t pressure me to have to ‘make’ my goal today. If I don’t see anything or am just sitting on my hands I can always say there is always tomorrow. This is just my perspective because of my personal psychology. I strive for my goal every week but sometimes the markets just aren’t cooperating. I hit my target around 60% of the time. Though its not my main concern, also I am still a noob and learning. As I develop I move my goals up as well if I am hitting my goal 85+% or more I am not challenging myself and fostering growth. I use pip targets btw though percent account is good too

I have NO goals, if I get a signal, I’ll take it. I do have daily, weekly and monthly loss limits.

Same as simbafx here.

I have one goal: Only one trade day at max. to limit risk. You can control risk, but you can’t control profit. Profit comes and goes at markets “mood” and if you try to squeeze profit out of the market then this will lead to more losses, because you are not “in sync” with the markets. You can’t dictate the market what to do.

I aim for 10 pips a day. If I get it, great! Done for the day! If not, there is always tomorrow…

The way I see it:

If someone is a full time trader and forex is their sole income, then I would hope there is a monthly goal, just like any successful business would have budget, forecast and P&L stats.

However, if someone is a part timer, who has other income streams or if they are not pressurised to make a certain amount of pips to feed themselves or their family, I can appreciate there being no pips target.

The other thing to note is having unrealistic targets or expectations can lead to destruction. 1-2% profit per day every day does seem excessively high. Work out how much that is compounded …

Targets are tough in Forex, I think, as they can draw one into overtrading. Sometimes, the market just doesn’t give as many good setups as at other times. So it is likely that profitability will be higher when the market is smooth, and lower when things are trickier. I don’t set a target, as I don’t want ever to be in the situation of nearing the end of the month, feeling that I am ‘behind’, and then look for trading setups that might not be there.

I limit my risk, as Buckscoder has already said - generally, I am in no more than two trades at a time (I will be in more at once as long as I have locked in profit on some), so my exposure to the market is never more than 2%.

If my profit ever falls under 10% in a month then I am not so happy with the month, but I don’t let that govern my trading decisions, I just note it to gauge my progress. I don’t worry about individual days at all (I have had some losing days this month) but I hope to be over the 10% mark when it gets to the end of the month.

ST

for myself, do not have a fix target

everytime whenever i on my pc, and if i see the signal that caught my eye, i will enter a trade

if not, just close it and do other things.

In one strategy, I take around 1 or 2 trades a day… but always looking for a setup that can give me about 20-30 or more pips, but if no signal appears then I don’t trade at all…

in the 2nd strategy I take a trade once every week… aiming for 200-300+ pips

I spend most of my time as a trader either working on compiling exacty these types of figures, particularly forecasts, or developing software to produce the figures that I need on practically a day to day to run the business.

I just dont like the idea of stopping once a target is reached, simply for the reason that it cuts off the potential for further gains to the upside. The didtribution in my daily/weekly/monthly returns tends to be quite skewed, and the occassional big winning days where I make maybe 4 or 5 times my average return, tend to have quite a significant effect on my overall returns.

It took me quite a while to get comfortable with the fact that the distribution of gains (or losses) is pretty much random from day to day, and there’s not much I can do about that (maybe in time I will, but I doubt it)

My daily goal for the last couple of months was to try for 2% or more of my account balance. Small lot sizes and lots of 10-20 pip wins brought my balance up to a more comfortable level.

Probably focus now on less trades as i am sure i was overtrading

Ron

Sent from my iPhone using BabyPips

I don’t have a daily goal, but my monthly goal is 3% with 300-500pips

Nice mix of goals posted. To each his own, aye :wink:

I’ve decided what’s best for me is achieving a daily percentage. I’ve found a “pips” oriented goal isn’t for me as pip value is relative. It’s not so much the quantity of pips, but the quality.

So far, so good.

my daily goal is about 500-600 daily

Cute.

My daily goal is to just ensure that I make a decision on current market conditions. My choice is limited to three options. I’m either long, short, or on the sidelines.

The results will take care of themselves.

only 30 pips :21:

My system doesn’t so much allow for a daily goal; I either take the trade or don’t depending on the setup.

I focus more on a monthly basis; If I can achieve 10% return for the month I’ve hit target. The rest is bonus.