My question for today is - what target do you set yourself as your goal for a days trading?
Do you aim to make a set number of pips? Do you look to make a certain amount of $$ per day?
I personally am aiming to make 1.5-2% of my daily starting capital per day, to steadily increase my net worth over time, until I have a sufficient amount in my account to start taking out cash weekly but still leave in enough to earn well from my trades. In the end, I am looking to have an account value of �100,000 which I will trade with, and any profit over the week will be pulled out and invested in ISA, savings accounts etc…
This is of course the long term goal, but my sights are set, and so far (touch wood) I have made the 2% and more each day I have traded.
my goals that I set is based on my indicators. Basically I wait until my stochs start reversing. Then I get out. Sometimes that 30 pips, other times its 105. It all depends.
I trade anywhere from 3-5% of my account balance per trade and depending on the currency I’m trading have a 2:1 or 3:1 RR. It doesnt always work out that way. Its nice to set a high RR but in reality you might not ever get there, ie I use a 100 pip stop on the guppy with a TP set usually 2-300 pips away, and as soon as the trade goes in my favour i begin to move my SL to B/E, removing the risk as you go but giving enough room for the trade to bounce around abit. Of course this throws the R:R out the window, cause i move my stop 50 pips, TP is the same so now its a 6:1 R:R… then I may close the trade before my TP level based on what it is doing at the time, might be 20 pips, might be 200… just never know
So in the end as long as I dont lose any money, i’m a happy guy.
Typically I have 3 trades open at most, i trade off the 4hr and daily chart so in a week I may only make 3-4 trades depending. This week was different, I had 9 trades on the GBP/JPN alone, i think thats the most I ever traded.