Do you have a daily, weekly, or monthly goal in profit?

[Exscudo]

Hi guys!

I know that the markets could be unpredictable at times and it can be difficult to say how much you’ll earn or loose from a single trade. I wonder if you guys measure your goals daily, weekly, or monthly? Do you measure them in % or in currency value? And what do you do when you don’t hit your goal or if you hit it prematurely?

 

[Hor1zon]

I believe it's not a good idea to set profit goals cause we can make just that amount of money which the market gives us. If we're trying to force trades to achieve our profit target, much more may be lost.

 

[BearBull Trading]

I do not have, or think its a good idea to set a fixed $$ goal. I see no benefit in stopping trading "just because" you've reached a certain $ goal. The losing days will soon bring that average day down.
I believe you'd be better setting a process orientated goal eg. How efficient was my execution, what "grade" were my entries/exits etc & by keeping a detailed track of your trading metrics (other than P/L ) to see how efficient your (perceived) edge is & how efficient you are in exploiting it you could set goals to improve those metrics.

 

[Exscudo]

I believe it's not a good idea to set profit goals cause we can make just that amount of money which the market gives us. If we're trying to force trades to achieve our profit target, much more may be lost.

Thank you, this makes a lot of sense

 

[Exscudo]

I do not have, or think its a good idea to set a fixed $$ goal. I see no benefit in stopping trading "just because" you've reached a certain $ goal. The losing days will soon bring that average day down.
I believe you'd be better setting a process orientated goal eg. How efficient was my execution, what "grade" were my entries/exits etc & by keeping a detailed track of your trading metrics (other than P/L ) to see how efficient your (perceived) edge is & how efficient you are in exploiting it you could set goals to improve those metrics.

That is great advice! I was worried about the same thing and wanted to clear my doubts and figure out what others are doing. Thank you for taking the time to answer this!

 

[RachelFX]

Hi guys!

I know that the markets could be unpredictable at times and it can be difficult to say how much you’ll earn or loose from a single trade. I wonder if you guys measure your goals daily, weekly, or monthly? Do you measure them in % or in currency value? And what do you do when you don’t hit your goal or if you hit it prematurely?

In an ideal world I would aim for 5% a week (1% p/day), to give an average 20% over the month. BUT, some weeks are break even and others are 10 or 20% on their own.
Although I have an overall guide I am not conditioned to trade to achieve them. You have to have control of your mindset and not be emotionally influenced by the goals you do or dont have to trade unnecessarily or deviate from your trading plan.

If I hit my monthly target in one great week, I can decide to take a week off or more often I will continue to execute my trading plan. Equally I may have 3 break even or losing weeks, but I know and have confidence in my strategy that one good trade/good week will more than make up for this so I do not step away from trading based on this reason.
Some weeks no trades set-up how I like so i simply do not trade, I do not stress that i did not make 5% that week, you have to have a longer term outlook to measure success in forex.

 

[manover]

No point in doing in doing a fixed goals in profit, it sets an expectation which will be met with potential losses.
Try your best to make profits to compensate any losses. I maintained around 10% in my last trading month and I am pretty satisfied with that. But before that, I maintained arounf 7% so as you can see that there are no fixed goals for me since the markets are very fluctuating in nature.
The best thing is just trade and not to expect anything.