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I keep having the "daily target" argument with a online trading friend at a different forum. He is a very good trader and makes a very good living trading full time. He, just like @Big Mike feels there should never be a daily target. He is also saying that one day/month it will get me in trouble. I don't really agree, because after additional 6-8 months of the similar results I had for $200 per day, I can just add another contract/shares and keep doing the same thing for twice the money. But with that said, what if today I did not make the goal early and/or wanted more. Here is a chart of what I would have done. This is all hindsight but I did my best to be honest with myself. Today looked like I would have made more, but my experience does not agree with that premise:
As I've already said, I think there is merit to both arguments. I'm giving the daily goal a try for awhile to see how I like it. Like so many other things in trading (and in life, for that matter), I just don't believe there is only one way to success, only one trading setup that works, only one money management strategy, etc. There are many, many successful traders and, while I will pay attention to anything they are generous enough to share, in the end I have to do what resonates with me and what works for me.
Mike
NW Trader
There is no path to happiness. Happiness is the path.
Just one ES trade today. It was a VSA set up, but news come out later that gave me more heat that I am comfortable with! I held the trade due to the fact that all the preceding bar closes were at the high of the bar with lower volume. My swing indices and oil Futures options are taking a beating, but will continue to hold.
Here is an update on my FX positions:
I did not make my goal for the day, but will need to stop early due to other obligations. I am up $183 with stress and draw on my day and swing positions. No mistakes.
Finished early again today, which is very good. The markets have been very hard to trade ( VSA set ups) today and this week so far. Price is all over the place. Both trades were news trades for few ticks. Some heat on the CL trade, no heat on the ES.
Here is my ES chart, but there is really nothing to read/trade here!
I am still holding my micro (MES/MYM/MNQ) indices, which are still red but improving. I removed them from my daily watch list since they enforce a bias and will not help my day trading. My CL which is also red with only a week left to expiration.
A good day even with aggravating markets. Some stress, but no mistakes. I am up $201 on my closed trades today.
Finished early today with help of some major AM news. I also broke a major rule. I really don't like to break my rules, even though it was favorable. Long term breaking rules will lose me money. I had taken a news trade very early that made me the $200 for the day and as more news broke, I took a second for another $200ish.
A good day, low stress no heat but one major mistake. I am up $404 for my closed trades today.
One ES early news trade and done for the day. With all the positive China news, it easy to go long and hold for target plus. I went long-market at the open given all the good overnight news. It was good for 5.5 points. I am not sure how long this will last, but should not be much longer as a deal is around the corner. We may actually sell a temporary sell off after China deal announcement.
An easy day with no stress or mistakes. I am up $271 for the day. A great week, but hard to trade technically. My micro indices are almost positive and my CL calls need help, which we may get over the weekend. The calls are at .02/.03, which is $20-30 risk for each. It may be good to risk $100+ today. I am already a proud owner of four calls