What is your daily Profit Target?

[ezrydn]

I'm with ya. My point is that many have no real plan or goal to realistically shoot for. As for being aggressive, you're right, to a point. I'm a chance taker. I'll try the unthinkable. Why? Because that's where and how I find more opportunity. I carry one Forex account that I refer to as mt "Idea" account. New ideas funnel through that account.

I've turned several VN buddies onto Forex and they've all agreed that applying "combat strategies" to Forex increased their bottom line. We just do things differently, that's all.

Example: We know that Price will bounce off an Order line. Sometimes, the bounce turns into a reversal. You can double your chances of a breakout in your desired direction by "channelizing" the trade. On the next bounce, place an opposing order ahead of it, by a very small margin. I've used this "jungle tactic" several times to get price headed in the correct position. Once established, I close the blocking order. Stupid as it sounds, it works.

"Off the wall" might be a better descriptor. LOL

 

[hayseed]

funneling ideas

I carry one Forex account that I refer to as mt "Idea" account. New ideas funnel through that account.

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that is an excellent idea...... do the same myself......

several of my accounts are used solely for testing ea's...... those i fiddle with to improve those ea's....... several others are running ea's in look but don't touch manner....... and another is currently the one being reflected in my journal here.......

have you by chance looked into trading options on pairs..... not talkin about binary options, but similar to options traded on dia, spy, qqq, oex and such......h

 

[ezrydn]

See, we're more alike than we think. LOL As for your final question, no. Why? I know nothing about it. Now, you can play teacher. Inform me. You just gotta know I'm open to new stuff.

 

[hayseed]

fx options

hey ezrydn..... the advantage for me in trading ise fx options is the ease at which i can move money in, out and around etrade as opposed to a normal fx broker.....

i can deposit money into my broker, ibfx, with about 3 clicks, or less than 30 seconds..... a few minutes after that i can use it..... but it takes about 2 or 3 days to withdraw money.......

below are a couple links and also a screen shot...... if you take a close look at the 'open interest', you'll note almost all show 0 open interest..... very few people trade fx options with etrade..... quite often i will be the total volume..... this is not a negative....... normaly it would be.....

as mentioned, my target is 100% on every trade..... most people trade front month, the shortest option date...... i do not...... usually i'm out at least 120 days, such as march would be now......

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ise site.....

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ise fx summary..... note some of the symbols are reversed..... in that case you would trade inverse to typical metatrader chart.....

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check the proformance here at the bottom of this page...... 2,537%..... actually you can do better with limit orders......

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ea's with metatrader give me the signals and i place the option trades with etrade......h

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[Maria08]

In my opinion, I always keep my trading into 10 to12 pips. And do not take high risks. I think people should fix a daily profit. It would reduce the risk of loss.

nice- but try this- before starting your trade, first create a trading plan well, then I create a trading plan with daily profit target of 2-3%, I think it's a pretty ideal targets, not too big and not too small, with a target when our capital is large, then we are also a great advantage.

 

[Adam FX]

For me 20 pips per day is more than enough

 

[stonecoldmichael]

I think the system and strategy is more important than setting a goal or target. The only target I aim for, is to win more than I lose, to profit, and to improve my win percentage. If a trade doesn't present itself that I am comfortable with according to my system, then I won't trade. Simples.
Setting targets can work for some I don't doubt that, but wtih other, as I have seen, it can encourage trading for the sake of trading rather than on good judgement.