If you have a mixture of long term targets and short term targets you just can't ignore daily and weekly goals. This of course depends on what time frame one is trading on. If you are strictly a swing trader then a weekly target should do it. If you are a day trader and by not having a daily and a weekly stop loss, target of the trading account, I would say that is 'psychology suicide'.
Best way to calculate daily target is: Trade your plan, feel comfortable on market, just do what you do during normal trading days, and after 2 months you can calculate your avarage daily profit- and this is your daily target. My monthly target is about 20%( daily its about 0,7%). If It is much i dont know. Thats my target i do it month after month, and i live from it. https://www.myfxbook.com/members/koval/hedge/1302582
@NextGenFund Hi, You wont suceed. You trade without stop loss and such trading cant last for longer period.
I respect your opinion sir.. but in my opinion, i'm a trend follower, do I need a stop loss if in my analysis and indicators on my charts shows that the prices are clearly moving in one direction and I 've analyzed the extent to what level the prices will move in that direction and how many pips or profit i need and close the trades before the price changed.... dont be greedy...
don't try to predict the price movement and trying to be a smart guy to sell on the top and buy on the deep.... just let the price move and just follow the trend... trend is your friend, rite?
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.