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Benefit of Having Daily Targets in General Forex Discussion_6825f0acc9f09

Benefit of Having Daily Targets

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Bintang

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Quote from: Tahajud on February 08, 2019, 03:17:48 PM
In my personal opinion, having a trading target per day has advantages. The advantage is that traders can control their lust when trading. So traders are not too over-trading. If you don't have a daily target, definitely open the position. uncontrolled. Which should be profitable today, but eventually it loses again. This is important we have a target. If the target is met, immediately close the chart. So the psychologist is not disturbed. Traders can also fill with other activities, so as not to get bored . Right now I am starting to implement this method, so that my trading is controlled and avoids over tarding.
Yes ... I also started to implement it, what percentage target in one day. It is difficult if we control lust, because this is a matter of money. If we don't switch to something else, then the desire will continue, until it is possible the MC is getting bigger.
#16 - February 09, 2019, 03:35:05 AM

Black_Koujee

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Quote from: MaxiMillion on February 08, 2019, 11:01:07 PM
i totally agree ( i been there...) . daily targets will keep pressing you to trade even if the market is shitty and then you give all the previous day profits because you've been chasing the "daily target" :)  not this way..
that's why I'm why I say setting a daily target will only burden our psychology. I also experienced that, setting a daily target, and when the target is not reached, it will only add to the burden.
For now I don't set a daily target. I only set loss targets every day. So when I have experienced a 2% loss of my capital, I will stop trading on that day.
#17 - February 09, 2019, 03:43:17 AM

aizafx

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Quote from: Black_Koujee on February 09, 2019, 03:43:17 AM
that's why I'm why I say setting a daily target will only burden our psychology. I also experienced that, setting a daily target, and when the target is not reached, it will only add to the burden.
For now I don't set a daily target. I only set loss targets every day. So when I have experienced a 2% loss of my capital, I will stop trading on that day.
Your way is like as out of the box on this case, its very good idea to prepare the risk first before imagine about profit that will achieved, if we can determine best entry point and the after achieved certain profit and appear signal reversal we can take profit with cut profit manually
#18 - February 09, 2019, 06:10:22 AM

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#19 - Today at 05:19:30 PM

Black_Koujee

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Quote from: aizafx on February 09, 2019, 06:10:22 AM
Your way is like as out of the box on this case, its very good idea to prepare the risk first before imagine about profit that will achieved, if we can determine best entry point and the after achieved certain profit and appear signal reversal we can take profit with cut profit manually

Why do I think so?
Because in my opinion forex is a long-term business. If we only think of profit today without thinking about the risks in it, it is a big mistake. When we only think of profit, but in fact we actually lose, it will greatly affect our psychology.
#19 - February 09, 2019, 06:16:10 AM

zanurreload

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Quote from: Tahajud on February 08, 2019, 03:17:48 PM
In my personal opinion, having a trading target per day has advantages. The advantage is that traders can control their lust when trading. So traders are not too over-trading. If you don't have a daily target, definitely open the position. uncontrolled. Which should be profitable today, but eventually it loses again. This is important we have a target. If the target is met, immediately close the chart. So the psychologist is not disturbed. Traders can also fill with other activities, so as not to get bored . Right now I am starting to implement this method, so that my trading is controlled and avoids over tarding.
Actually not only the target profit, but the target loss must also be noticed. For example, in a day you have a profit target of 2% and a target loss of 2%, then when you lose 2% a day you have to stop trading on that day.
#20 - February 09, 2019, 06:21:23 AM

aizafx

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Quote from: Black_Koujee on February 09, 2019, 06:16:10 AM
Why do I think so?
Because in my opinion forex is a long-term business. If we only think of profit today without thinking about the risks in it, it is a big mistake. When we only think of profit, but in fact we actually lose, it will greatly affect our psychology.
Sure its good trading way, forex is long term business and there is no instant way to become a success at a short time, with keep discipline with this mindset I think someday later will be obtained succeed and will take fruit from our effort, look forex as long term business is a mindset among trader not as gambler
#21 - February 09, 2019, 06:58:47 AM

Iqbaleee

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Quote from: Tahajud on February 08, 2019, 03:17:48 PM
In my personal opinion, having a trading target per day has advantages. The advantage is that traders can control their lust when trading. So traders are not too over-trading. If you don't have a daily target, definitely open the position. uncontrolled. Which should be profitable today, but eventually it loses again. This is important we have a target. If the target is met, immediately close the chart. So the psychologist is not disturbed. Traders can also fill with other activities, so as not to get bored . Right now I am starting to implement this method, so that my trading is controlled and avoids over tarding.
i agree with it , beside that , it can make our balance life time long . and not got a margin call . market are very difficult to predict.
#22 - February 09, 2019, 07:02:03 AM

aizafx

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Quote from: Iqbaleee on February 09, 2019, 07:02:03 AM
i agree with it , beside that , it can make our balance life time long . and not got a margin call . market are very difficult to predict.
Not always we can analyze the trend with high accuracy, sometime facing with mistake in analysis, so because these reason we need trading with risk management to make long life our account trading, but if in trading still often facing with mistake in analysis maybe will better to practice only in demo account rather than losing real money, make sure in demo account seriously to learn
#23 - February 09, 2019, 07:54:01 AM

Iqbaleee

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Quote from: aizafx on February 09, 2019, 07:54:01 AM
Not always we can analyze the trend with high accuracy, sometime facing with mistake in analysis, so because these reason we need trading with risk management to make long life our account trading, but if in trading still often facing with mistake in analysis maybe will better to practice only in demo account rather than losing real money, make sure in demo account seriously to learn
yeah you are right , therefore we must set TP or SL for our long life trading . because mistake there will happen .
#24 - February 09, 2019, 08:50:36 AM

Tahajud

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Quote from: Black_Koujee on February 08, 2019, 06:23:22 PM
I disagree with your opinion.
Because in my opinion, setting a daily target will only burden our psychology. Maybe you can be happy because your target today can be fulfilled, it also happens because the market is trending. But what if the market is sideways and your target is not met? Will you accumulate it with the target tomorrow?

Say this, your daily target is $ 5. For Monday your target is fulfilled. Tuesday your target is not fulfilled because the market conditions are bad, then you will add them for Wednesday?
In other words on Wednesday your target is $ 10?

So I say this is just an alternative, everyone will definitely be different in trading, if I use daily targets to prevent my greed from appearing and damage my trading
#25 - February 09, 2019, 08:50:53 AM

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#26 - Today at 05:19:30 PM

Tahajud

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Quote from: Zolay on February 08, 2019, 10:55:06 PM
good or not it depends on the type of trader, if the full time trader in the sense of focusing on trading is very good and if the part time I feel is not good too bro, because it is draining and time consuming and must continue to focus

Actually it doesn't force me, I just make a target, if it's not reached it's also not a problem, but if it's reached I will stop trading on that day, so that my greed doesn't show up
#26 - February 09, 2019, 08:52:31 AM

Tahajud

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Quote from: MaxiMillion on February 08, 2019, 11:01:07 PM
i totally agree ( i been there...) . daily targets will keep pressing you to trade even if the market is shitty and then you give all the previous day profits because you've been chasing the "daily target" :)  not this way..

If I don't make this daily target a burden, I make this daily target as my trading limit, so I don't over trade and then greedy appear
#27 - February 09, 2019, 08:54:29 AM

Tahajud

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Quote from: MaxiMillion on February 08, 2019, 11:19:05 PM
as a daytrader i try to keep my weekly performance on + overall and monthly.. then analyze it every week and month and i'm not thinking in "dollars" but in points/pips. but this my personal view. 
So I say, every trader will be different in the way of trading. if I for example do not have a daily target then I will not be able to stop trading even though I have earned any profit, and that is a very dangerous thing



#28 - February 09, 2019, 08:56:01 AM

Tahajud

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Quote from: Kirinkato on February 09, 2019, 12:07:37 AM
some time ago I was still using the daily target. but it actually made me always in a hurry in trading. finally I change by changing the target to weekly and making me more relaxed.
Yes, every trader must have their own way, and I make that target as my trading limit so that I don't overtrade and become greedy. but if the target is not achieved, it will not be a problem and not burden



#29 - February 09, 2019, 08:57:31 AM

Ariyudin

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Quote from: Tahajud on February 09, 2019, 08:54:29 AM
If I don't make this daily target a burden, I make this daily target as my trading limit, so I don't over trade and then greedy appear
the target is not to be reached that day but only a limitation when the profit exceeds the daily limit / target it is better to stop trading if it continues to arise greed resulting in overtrade
#30 - February 09, 2019, 09:01:28 AM
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