Dail Goal for Index Traders?

[Soultrader 12]

For those trading the eminis, I would like to know what your daily goal is? How many points do you aim for each day and do you quit after youre daily goal is met?

[budman 10]

This is what I found in my trading...

 

By setting a daily goal, I found my self trading just to make a few more points

to hit my goal. They were trades that were not based on good set ups or a sound plan. They were just hit or miss trades taken soley to reach the goal,

a mistake, for me anyway.

 

I no longer set a goal. If I was shooting for a grand a day, and quit, I would never have had a 2k day etc. How could I grow?

 

I found it best to let my profits run, not only in each trade, but also in my daily P&L. I will take 100% of the trades where I find my preferred set ups, regardless of how much I already made. Of course taking into consideration time of day and market sentiment, ticks/trin etc.

 

The only limit I put on myself is a daily loss limit, where I would stop trading

and call it a day. I base my thinking on the "Keep your losses small and let your profits run" philosophy.

 

I'm sure others will think I'm nuts. This works for me anyway.

 

Budman

[ant 10]

I strive to make 30% to 50% of the daily range with 2-4 trades per day on average. Sometimes I make no trades. I do not stop trading based on my profit for the day, but will stop trading if I am down a pre-defined amount.

[Soultrader 12]

Some good points. I also have a maximum loss amount of 30 points a day.

 

I trade the best in the opening hour. My strength lies more in the morning session compared to the afternoon. Most of the time my daily goal will be met in the morning and will usually take the rest of the day off. This is because I tend to give back profits in the afternoon.