Michihito posted: Actually everyone's expectation is different. Understanding, knowledge and strategy are also different. Yes 10 to 20 pips per day can be good enough if you can consistently make it. And when your target is 10 pips daily you may be need to increase your lot size. Hence risk comes. You have to be skilled and disciplined.
The target will depend on how much you can stand to lose. This obvioulsy varies from one trader to another. Besides the capital, it also reflects on the expereince of the trader too.
Profit target depends on many different factors like trading strategy you use, your risk portfolio, the amount of time you devote to trading, risk/reward ratio and so on. So, it is next to impossible to give the absolute answer to this question as it mainly depends on a person and the way he/she trades.
That is a lot information to analyse. How do you process all that and come up with an actual price for the TP
I rarely trade short-term, and rarely enter trades during news moves. Therefore, I have time to do the necessary analysis. I have a trading system that works clearly and most of the analysis I perform long before the trade opening, during the preparation and determination of probable entry points.
Profit target is a sheer subjective thing and it depends on many different factors like trading strategy, trader's activity and their approach to the markets and trading, it also depends on the lot size and trading budget. Like people with huge budget can afford making 10 pips per day and feel fine with that, while others, whose deposit sizes are small, need to make more deals and thus risk more in order to make more pips.
Usually, you will felt regret if set too large a target, in analysis maybe will face where your confidence leading to set larger target due to support and resistance zone level still far, but actually, the market is dynamic and a small target will easier to reach than the large target, so trader also need to learn how to set best target profit
@BookZerp people with smaller deposits can always go for leverage and make a good money out of it.I have come across many traders who had limited money but through leverage they were able to increase their portfolio’s value . Yes there is doubt that using high leverage in forex is very risky but the rewards are also huge.
I don’t exactly give myself goals to make x amount of money. I try to focus more on self-improvement and it seems like that helps to improve my profits over time. Also don’t rely on trading as a main source of income, so everything I make is looked at as extra money.
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