What is your daily Profit Target?

[ezrydn]

This is something I got to thinking about recently. We need a daily target to reach an ultimate goal, otherwise, how would you gauge success? Here's something most have never given thought to.

Say, you want to make $100,000USD/yr. What would you actually have to do to hit that figure? Well, we have 260 days a year open to trade Forex. You only need to hit $385/day to hit $100,000/yr.

Therefore, you're beginning target would be $385 in winning trades per day. That would include winnings from Forex, Binary Options and 60-Second trades.
That's $128.33/method/day. Getting easier, isn't it?

That's my daily target/routine. Some days more, some days less. However I don't stop trading until I meet my daily goal.

You need a "daily quota" as an ongoing reference to your success. I have found that the combination of the three methods almost assure me of hitting my goal every day now.

How do you judge your annual goal by daily reference? What goal do you have in place? It must be specific and not a generalization. "To Make More Money" isn't a goal, it's a dream, a wish. You see how I set my goal and what I use to hit it consistently. I'm open to new ideas. What's yours?

 

[Enivid]

Setting daily/weekly/yearly profit goals is one of the craziest ideas I have heard in Forex. I get what the market has to offer and it has nothing to do with the fantasies I can have about what markets owes me.

 

[ezrydn]

What you're saying is you have no daily reference to if your moves throughout the day are meeting concrete expectations. Fantasies? Goals are fantasies to you? Really? It sounds, from your writing, that you stand by with your hand out, taking only that which is offered. I have higher goals that that. I ENGAGE the market and hold contact til I achieve that which I seek. Why? Because I have a strategic battle plan in place which directs me and informs me. That's no fantasy.

 

[Enivid]

OK.

 

[ebinpaulc]

Having goal, aiming for a target may tempt or lead
you to take high risk and may tensed to do so.

And you are not sure (not gauranteed) that you will achieve the target within a period of time unless YOU AWARE OF MARKET STRATEGIES and POLITICAL ISSUES in your region and whatever interlinked with economy ups & downs.

Regards,

 

[like2share]

Daily Profit Target

I personally don't have a daily profit target. Last month i made a little over 6% and during the whole month I knew I was making money, but not really paying attention to how much.

My goal was to continue trading through the whole month.

Sometimes when you think about how much you are going to make in a day you will try to hard and over think. Not the best way to trade.

My two cents.

 

[Peter Brandley]

Target will give direction what should we reach in each transaction. If there is no target then there is nothing to be used as measurement for your performance in trading so you can't trade better and you won't try to become better traders when you could gain profits. I have a target of 100 dollars a day would surely make a huge difference to one's life and well-being but it is rather exlusive.

 

[inggo]

i have no certain profit target, it can mess your trading if you ask me, but as long as its positive then i think its all gooood. even if its cents 😀

 

[krecex]

10- 15 pips a day if possible, but I try to avoid over trading. I don't want to have my greed over money

 

[Kungfupanda]

I advise you shouldn't set a daily profit. It would mess up your trading, as long as its positive then its very good.

 

[ezrydn]

A desire, without a goal will remain a desire.

 

[candle7779]

As to me it is rather useful and profitable to use everyday goal of trading on Forex. I'm became more organized having goals. And I have more chance to get my target profit. In any case it is more profitable than trading without system and goals at all.

 

[Andru]

As to me it is rather useful and profitable to use everyday goal of trading on Forex. I'm became more organized having goals. And I have more chance to get my target profit. In any case it is more profitable than trading without system and goals at all.

"You can not do it yourself. Do not be afraid to rely on others to help you accomplish your goals"
what system do you use to achieve your goals?

 

[candle7779]

what system do you use to achieve your goals?

Being newbie and having not much experience in trading I prefer to use reliable and honest signals. Well I've tried some different free systems. And I've decided to use forecasts of accentforex. They works rather good and profitable to my mind.

 

[Rob Taylor]

Try not to think about how much you can earn per day, or per year. Just concentrate on pips. Set yourself an initial target of 20 pips per day profit. That does not sound a lot, but if you can consistently bank 100 pips per week, you just increase your lot size every week. You could soon be making 10k per week from 100 pips.

 

[GtGatsby]

I think having a daily target is actually a mistake. Traders will have a tendency to overtrade and get involved in trades they wouldn't otherwise, just to try and meet some arbitrary target. (For the same reason, I don't set pip targets since the value of a pip can vary so much).

Monthly targets are more sensible (and even then, they can be considered too short). Personally, I will look at my progress over the year.

 

[Robert]

I am trying to go for 90 pips a trade, not a huge fan of scalping. I move the stop inaccordance to my profit so if my analysis was good i will either be stopped out with a profit or my target would have been acquired. I don't have daily targets, more like positions-targets 🙂

 

[ezrydn]

Those of you who shy away from goals, what is your average weekly take? Is it consistent growth? What causes you to "raise the bar?"

 

[hayseed]

bars

What causes you to "raise the bar?"

//---

from carefully reading your posts in this thread and a few of your other threads, it's clear you are far more aggressive when it comes to trading than most of us...... of course there is nothing wrong with that.....

but keep in mind if the widely excepted precentage of loosing traders is correct, odds are 95% of us can't answer your questions...... we're too busy trying to break even to worry about weekly profit targets.....

my average monthly returns seem to be 'fairly' consistent..... but can't think of anything that would cause me to 'raise the bar'....... actually my goal is to lower it......h

 

[John]

My daily profit

I have traded since 1994 and I am not beginner in Forex. There were times when my daily profit was minimum 1500-2500$ per day. but also there was time when I lost everything. today my daily profit is about 800-900$ if I trade patiently and without hurrying, I trade with Fxglory, I like them cause of their high leverage. I am trader who loves risk but this risk gets me profit with this broker.