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    Thread: Daily targets could lead you to more loses!

    1. #221
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      ya you are right. in this case daily target would not only lead you disaster but also lead you more profit. in my opinion if you are getting profit and you are saying that at that point the market will no go further then just close yours position at that time as some thing is better than nothing..

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      For filling up the daily target, everyone has a strategy and planing. if the strategy does work at all for the specific day, good and experience trader do not trade for the day, but if you are aggressive to fill up your target it may occur you losses.

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      Quote Originally Posted by meldsilvers View Post
      It's ok having a daily trades but you must be careful. If you have unrealistic target, it will give bad effect for your trading, such as : over trading and greedy. You need to avoid making unrealistic target.
      that is right and i think you have to reduce your targets as possible because this will reduce the stresses on you during trading .

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      my daily target is 50 pip from many pairs ,, i can have 20 pip from eurusd and 30 from other pair
      it's not necessary to get it from one pair ,, don't put invest your money in just one pair
      good luck

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      i've never targeting daily, for me profit could varies each day, sometimes i even don't make profit at all. but that's okay for me. i can find another chance to create the profit. my target is monthly result. at least i would target 20-30% of my initial deposit.

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      Another thing i have noted when it comes to daily targets is that sometimes they do not work simply because the market offers us no opportunity to trade based on our trading plan. When the markets are hardly moving because they are waiting for a major speech perhaps by the fed, this are the days i should stay out and will have no trade. May be a target per trade could be better.
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      having daily targets is part of goal setting.
      but you will realize that there are times when daily targets are not met.

      another thing, targets should be in harmony with your trading strategy. not every strategy target daily pips.
      Success = Failure x 1000. Do you still want success?

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      i sincerely believe that everything can be arranged according to the trader's preferences.
      but the important thing is he must match them all.
      if he wants to make big daily target then he must design his trading method in a way that will accommodate this.

      in short, don't collect a car components if you want to build an airplane.
      if you want to achieve a big target then you must also use aggressive trading method that is already tested.

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      I don't think that trading with daily target will ever cause loss. For me this is a strategy to reduce loss . The only way it can lead to loss is when the trader wants to target too much pips daily. Then it is not the target that caused the loss, but it is greed.

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      Very much true, setting daily targets will exert pressure on our mind and ultimately we will be forced to take reckless decisions just to reach the target and there would be no proper justification for the actions taken by us. Thus having monthly target is way far better, and with calm mind our performance will increase to a greater extent.

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