sebking1986 posted: I would say that thinking is essential to successful trading however you do raise a very valid point on the subject of setting realisitic expecations. If you are a break even trader, what evidence do you have that you should be aiming for say 5% a month for example? Aim to make any profit (with the same level of rsk).
I would say that is very high and quite risky. I haven't gone more than 2% rrr and there was the time where I did go above 3% but it was just purely based on luck. However, if you are very confident enough, then I guess it is okay.
I used 5% as an abritrary number. This is based on 1% risk per trade. But yes if you are break even consistently then making a few tweaks to try and get to 0.5% profit at the end of the month is progress and not to be sniffed at. My point is don't expect to be a losing trader and then be breezing through an FTMO challange a month later. Social media has created false expectations for people coming into trading.
I originally thought you meant that we shouldn't think while trading based on the title, lol. Having unrealistic goals just sets you up for disappointment when you don't meet them. Instead, I think it's important to celebrate the small victories and to start by patting yourself on the back for *not* losing money.
I guess we should think, but not always. We should think only in case we need to make a choice, whether we open a position or not, according to the results of technical or fundamental analysis. In other cases we would better not think too much. We shouldn't think that something might go wrotn or something like that. We must stay emotionless until the deal is expired. Only after the expiration of our deal we can start analyze the next one, or in case of mistake, we have to dedicate couple of minutes to the analysis of mistakes. However, professional advice not to analyze lost deals, only those which brought us profits.
Forex market is very uncertain. Thus, it may not work for us if you set a goal or an amount to earn from this market in a particular month/week. Some months/week may not produce good result, some may produce amazing profit. This is how it works. Let us concentrate in trading more so we can only trade on a solid trade setup with proper money management, discipline, and patience. Then, we take whatever it gives us.
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