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If you can quantify if you still have an valid edge in the market, then keep trading until that edge disappears.
If you can't quantify that edge yet, then maybe just call it a day when you hit an arbitrary number.
However, I highly encourage you to pursue the first option since if you call it quits because you simply hit a random number instead of maximizing profits, then could ruin a positive expected outcome in the end. e.g. let's say when you're supposed to win, you're supposed to hit home runs, but instead of taking the home run, you settle for a single with a bunt. Over the long run, that could mean you lose the game by not scoring enough points.
Thank you for all the responses. My entry criteria is always the same. It's just that it works well in the morning session but not in the afternoon sessin after 12 noon Eastern. I primarily trade NQ and GC. Of course days that have afternoon news releases like FOMC don't count.
I just wanted to find out if anyone else is having similar experience in the afternoon session.... Or if probably afternoon session is not a good time to enter.
You might get Tradervue or other charting program to see your P/L .vs TOD. TOD is a factor. Most activity happens around the open. Also you might get tired later in the day and it affect your trading.
Then it's presumably volume-related, and does better when volumes are higher (which perhaps wouldn't be a surprise)?
So possibly one of the criteria constituting your edge is that volume must be reasonably high.
Have you thought about experimenting with trading it from constant-volume bars rather than from timed bars, or possibly trying to compensate for that by trading it on slower-moving charts in the afternoons, when volumes are lower?