Only if its an upper cap.If you hit your 15% monthly goal on day 3 would you do nothing for the next 19 days? Of course not, if you manage to get that 15% to 50% then your awesome.If you downgrade it to 2-3% then you did something very bad, and stopping trading after you hit your goal would not save you from that disaster, it would happen anyways.
So there areonly 2 possible ways.Either you can trade or not.If you can trade then only time will be an obstacle to your huge cash pile.If you cant trade, then no matter what you do and how you do, you will lose anyway.So i hope everyone “can” trade.But however you must have a minimum goal, since if you can trade anyway you have to make that minimum cash at all costs.
For example if you are a full time trader with a pretty large 50.000-100.000$ account and you dont have a minimum monthly expected profit.And you end up at the end of them month with only 1$ profit, how are you going to pay your bills for that month?
My goal is to get 300 to 500 pips in a month.This target is not easy .I amtryingto gain this .I hope gradually it will be possible .I am not panic about my target.What I geteasily I acceptit.Iavodemotional tradingit isnot the solution toget desired profits.
Acutally i dont really set a goal, or atleast not an upper goal only a lower minimum, that should be atleast 10-15% /month, you cant really measure it in pips but its better to measure it in growth rate %.And yes correct that would be 300-500 pipette not pip but some guys still use the “pips” word there and confuse eachother.So it was only a joke
Thank you for saying how long you’ve been demo trading. I have been demo trading for about three months. I read everything I can to learn and I see a lot of comments and writings about getting in and live trading very quickly. I am not a financial novice, I have been an accountant for over twenty years, but I think I should put as much effort into learning for forex as I did for my CPA certification. My percentage of good trades is improving, but I think like you I will be about a year in demo trading while I build up the capital to live trade. As an accountant I saw all sorts of businesses fail from two main causes, underfunding and lack of experience.
I have run various trader programmes for newbies. I have two items that come to the top of the list from a negative point of view:
1.) People are just lazy … they just do not take sufficient time to analyse with a defined trade plan. They look at a chart for 30 seconds and then with no determinable strategy make a feeling trade. They make a lot of random trades. Yes they will say pinbar, support/resistance, flag or whatever … but the reasons are always different each trade. I would rather see a trader lose but all the entries have the same trigger and not random. This could be easier to fix. It lacks discipline and is just lazy. When we ask traders to write down how they trade, 60% to 80% are very high level and loosy goosy. Or they merely list 25 indicators and a pinbar in a salad bowl configuration. No wonder 80+% of traders are losers.
2.) Once you can get past point 1 above (the remaining 20%), the trading profile results typically show that the trader wins 70% of the time. Not bad but still a loser. A lot of 10 pip winners and then one big 80 pip loss. The issue is their stop/profit target ratios. Too eager (fear of losing profit) to take profits and too hopeful to take the stop. This yields results like this - I call them ticky tick traders - always losers in the end. So the issue is order management (stop/profit target ratios). But of course it could be the trigger as well, as if you had taken the stop correctly you would not have the 70% win rate.
So yes a simple, but precise trade plan is the answer. It could be an issue that the trade plan is good, the trader just is to emotional to follow it. A good trading coach can help determine which it is. Oh how simple to say, but hard to do …:59:
