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What is your daily target??

FXtrader2010
Feb 15 2016 at 14:55
724 posts
togr posted:
NextGenFund posted:
Hi..

My daily target is around 1.5 to 2%/day... check my goals target.. trying to maintain the strategy for the next 6 months...

https://www.myfxbook.com/members/NextGenFund/nextgen-capital/1502278


@NextGenFund
Hi,
You wont suceed. You trade without stop loss and such trading cant last for longer period.
V is right, your risk is WAYYY to high and market volatility will take you out in no time. Seen it a million times.

rob559
Feb 15 2016 at 15:00
1916 posts
no daily target just take what it offers you..you should have asked what is your daily dd target,never exceed a certain dd ,so mm is paramunt in trading

NextGenFund
Feb 16 2016 at 07:19
4 posts
rob559 posted:
no daily target just take what it offers you..you should have asked what is your daily dd target,never exceed a certain dd ,so mm is paramunt in trading


agree with you Rob... MM... so far my DD is not more than 40%... a bit high, but the profit is higher...

kricka
Feb 28 2016 at 01:24
92 posts
NextGenFund,
of course risk management is crucial and not only on separate positions, but on the whole account as well. A DD of 40% will not hold up. The profit might spike up and one will feel secured that it is working the way it's intended to do, until the next 30-40% DD will appear and suddenly that will make the strategy very insecure, at least nerve breaking :). Why not have a strategy with less risk? 20% DD at max seems to be a very good threshold, above that threshold, the strategy is at risk of not holding up in the long run.

" Lock in the profit and minimize the draw down "
kricka
Feb 28 2016 at 02:06
92 posts
rob559,
do not really understand why a daily target is bad. It's just a target and most often it does not come through. At least it's a plan that we have predefined before going into action for the day. A setup of a daily profit and a stop loss agreed upon before bailing out and call it quits for the day, can't see anything wrong in such an approach. On the contrary it gives us some control of what to expect in everyday trading, regardless if we are in profit or loss. Ideas about this, visit RMMRobot.com for some interesting reading on this subject.

" Lock in the profit and minimize the draw down "
FXtrader2010
Feb 28 2016 at 07:27
724 posts
kricka posted:
NextGenFund,
of course risk management is crucial and not only on separate positions, but on the whole account as well. A DD of 40% will not hold up. The profit might spike up and one will feel secured that it is working the way it's intended to do, until the next 30-40% DD will appear and suddenly that will make the strategy very insecure, at least nerve breaking :). Why not have a strategy with less risk? 20% DD at max seems to be a very good threshold, above that threshold, the strategy is at risk of not holding up in the long run.
The DD has nothing to do with how well a strategy will hold up but the risk management. Sure your logic applies if you are averaging in to your entries. But if just use simply entry SL/TP this has no bearing. All I need to do is change lot size and my system therefore has a lower DD. Nothing to do with the strategy itself.

I will tell you why a daily target is bad. Because you shouldn't be trading every day. And if you are, you wont be able to make consistent money every single day. Its no possible, im sorry. Look at the charts, do they consistently go one way? How do you expect to turn up and down whipsaw chart into perfect smooth up trend line equity? You have a stoploss and take profit so if it hits your stoploss you now have to make back that money and then some to be in profit. You going to force trades? You have trades set ups that come every 15 seconds or something?> Monthly target it lowest you can go. End of story.

flipper58
Mar 31 2016 at 06:52
16 posts
Forums are amazing things. Why is it that because some individuals cannot achieve a certain thing themselves or they do things differently then immediately that thing cannot be achievable or a different methodology is wrong. There are few things that are categorically right or wrong in trading and there's a million ways to skin the trading cat. I'm a day trader on low TF's and if I didn't have a daily goal I'd theoretically be in the market all day long. I prefer to be out of the market as opposed to in it and as soon as I've hit my goal or maximum losses for the day I'm out of there. If I didn't have a goal I wouldn't know.

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