Yeh exactly, a soft target is just 1/5 of my hard weekly target, but I don't get hung up on the soft daily target because if there are no hi-prob 'full set-ups' developing during my session, it would be silly chase a 'soft' target for the hell of it. Better to leave it until next day and the day after etc when some may and almost certainly will develop..
My risk/trade is anywhere between 0.8% - 2% depending on the confidence in the Full set-up and the size of stop required. Typically I would say 1.4% is my typical risk. Even given the strike rate, I am comfortable at this risk level. Even If I suffer a consecutive losing run of 3 trades which is statistically improbable but not impossible at my strike rate, it doesn't leave me with a 'mountain to climb' and so the loss won't destabilise my ability to carry on acting on the Trading Edge ,for the reasons discussed in the document.
You have to trade your trading edge at a risk level knowing what the probabilities are of a consecutive losing run and it's likely typical - max size and resultant drawdown. Then you have to be comfortable knowing that could happen, and if it does that such a drwadown won't detsabilise your ability to keep on acting on your trading edge to recover the drawdown and beyond.
Drawdowns can be destabilising no matter how experienced you are. As I say in the document they can cause you to loose confidence in your ability to even act as the trading edge sets-up again after a run of losses, and if you do act and enter the market -without decreasing risk, and then to manage the reulting trades properly in the way the trading edge is supposed to be managed (ie let winners run despite the fear of adding to the losses.) They can also cause you to loose confidence in the trading edge itself leading to such a derease in risk or it's abandonment mid way thropugh a typical sample. This is particularly the case if you don't know enough about it, as discussed in the document attached to this thread.
G/L