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    Thread: IS it necessary to trade with profit targets?

    1. #11
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      Profits is the only reason that we are in the forex market, there is nothing we can achieve as traders if we don't have profit at the back of our minds, unfortunately we make losses because we don't understand what it means to be forex traders, sometimes we use higher profit target and end up losing everything that we have worked for in the forex market, there are many reasons why we need profit target as traders.


      Why Profit Target is Needed

      1. It Makes Us Trade With Focus :- without having the end goal of what you want to achieve from the forex market, there is every possibility that you not be focused, that would be the reason why so many traders have consistently lost money, there is no trader that has a focus in the forex market who is not successful.

      2. It Makes You Retain Your Profit :- Some Forex make money from the forex market and immediately lose it because they don't have a good trade target, this is not the characteristics of the professional forex traders, they understand that leaving a trade early is something they cannot miss because they might give back what has been made.

      3. Makes You Avoid Over Trading :- This is another reason why we need to take our profit as soon as we have set them automatically, it makes us reduce the temptation to trade again.


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    3. #12
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      Though it is not necessary, but it is advised that you trade with profit targets. The simple reason is that you do not control the market. If you have no target set then it is possible for the market to move so quickly that you are not able to cut the trade before it reverses against your trading direction. When you fix targets, you have something to look out for and you can close the trade on time. Also having targets helps you plan the growth of your trading account. Without profit targets, you will take anything that comes to you and it could be too small to help you grow large amounts of profit.

      Traders who do not have profit targets can end up gambling with their trading account and the lack of targets will also make a trader trade emotionally and emotional trading can cause loss of trading equity. Profit targets is very important for good and sound trading.


    4. #13
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      Quote Originally Posted by Ghous11     
      IS it necessary to trade with profit targets?
      Aim is an essential subject in every sector of life. Without aiming in life it won't possible to manage something. Basically without aim in life, it seems like worthless life. In Forex trading, you must have profit target. You won't open any trade without any goal or target. Risk/reward ratio is the most effective things to set the target. If you want to take big profit then you should follow 1:3 risk/reward ratio. That means for 50 pips loss your profit target is 150 pips. In every trade a Forex trader should use stop loss and take profit level. It will help you to become a matured trader. Basically Forex success is highly depends on your maturity. An experienced trader has much more maturity than a newbies.


    5. #14
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      This is very dicey, profit targets has its on pros and cons. I will outline my opinions and allow you to decide which is best. A profit target can help put you on track, make you stick to your financial goal. As it's often said by experts; you have never made a profit until a trade is closed. While profit target can help to motivate you, it can also make a trader earn less; forex trading has an unpredictable nature. You never when that big deal is coming or your day of breakthrough.

      Setting a profits target is not as important as knowing how high the target is. You need to be sure about the market, knowing if it's going to move, your willingness to risk et al. But since most of these questions cannot be answer. A trader is left with using a stop-loss With stop-loss you're sure when market hits your target. It automatically closes; hence preventing further losses.

      Expectations can be the biggest enemy of a trader, the more your expect from the unpredictable nature of market; the more you're prone to making impulsive moves. A trader must accept that trading outcome cannot be control; understanding that helps a trader to accept both profits and losses.


    6. #15
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      As far as forex market is concerned I think this can depend on individual choice.
      Honestly I think the professionals knows better than to have a target.
      Having a set target profit in the forex market can bring positive result and sometimes negative result. How?
      Sometimes when we set a target profit it makes us to be a bit more focus and straight forward. This is the positive aspect
      But in situation where we find it difficulties to meet up with that target, this Can result to emotional trading and greediness, meaning we will have to do whatever it takes to meet up.

      And personally I have known better than to set a target, I think how volatile the market are within that time sometimes will determine on how successful we are.
      When we have a good and reliable strategy we don't have to set a target profit.


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      Fired trading is a great business in the world and trader need to be understand the market. Beginner must follows the many procedure to learn the forex trading education to be a successful trader in the forex trading market. it's very simple to set a target profit in your mind but it's happened when you prepare a good training and demo account practice to be skilled. proper and regular trading demo account training practice makes your more eligible to get the profit and make the trading easy and simple.


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    9. #17
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      Setting a profit target whether on weekly or monthly basis is good but not compulsory. S trader must also make sure he set a target that is achievable otherwise the purpose of the set target would be defeated. Hence when setting the profit target, the forex trader must consider his trading skills, experience as well as the capital available for trading.
      By setting targets, the forex trader stands to gain these ways.
      1. It makes it easy for the trader and helps protect him from overtrading. The moment the set target is made, the trader stops trading.
      2. A set target makes the forex trader know his mission. He could therefore use everything at his disposal to achieve the set target. This increases his focus and helps achieve trading success.
      ''Too many times we settle into a set way of thinking and accept limitations that need not be placed on us'' -John C. Maxwell

      Hedging Edge: Heading For $6 Million!


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    11. #18
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      The targets here should be chosen carefully and according to several criteria, the most weighty of which is your share and skill in trading for why through the educative conclusion and instruction you will see that you have the dexterity to complete a certain reckon of stroke as an mean in the Ramadan. The aim in your corrupt sketch should therefore be the target that agree your skill in trading.We are in a fair where recompense incite in both of government it never hasten trustworthy in it bigger tend administration so when we utility take advancement that always allot us to departure from the traffic when the tp met and detain ready for the next one and if we do not custom the tp and quotation will remit that will efface all the improvement.It is also necessary for why here in the narrate corrupt we exigency to take short erect to move on we cannot upright yearn with one build avocation as wager to pay rate is too poor for such commerce but when we move onward with the intraday and narrow term trading-tactics and outgoing our office.


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    13. #19
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      of course, it is necessary to trade with profit targets because this will help you to trade with discipline, low risk and control on your emotions because you will trade only to achieve your target without greed or high risk, and to understand this well here is an example of trading with profit target and trading without profit target :

      1- The trading with profit target : this will make you trade with defined target and if you determined your monthly target for example by 20% this means that you will need to make only 1% daily to achieve your monthly target at the end of the month and this will make you trade with low risk, money management and control on emotions because making 1% daily is not risky and even if you made a loses in one trade your loses will be very small and you will be able to compensate it easily .

      2- The trading without profit target : this will increase your greed because the market is opened for 24 hours and as long as you trade with no target you may want to trade the whole day and this will increase your greed and will lead you to the trading with high risk and big lots because greed is the nature of humans and when you make any loses it will be big and you will not be able to compensate it easily, but if you determined your daily target you will close all your opened trades after achieving your daily target and this will protect you from the market risks .

      So i see that firstly you have to determine your monthly target and after you determine your monthly target you can divide it by 20 to find your daily target which you have to discipline with because the trading with daily target help us in the succeeding in our trading so it is better to determine your target by the percent then determining 20 to 25 pips to each 1 percent for example if you want to determine your monthly target by 40% to find your daily target you can divide 40 by 20 and you will get your daily target which will be 2% because Saturday and Sunday are holidays and the month may consist of 20 days trading only, so we divide the percent by 20 day only then we can determine 20 to 25 pips per every trade to achieve that 1% .


    14. #20
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      Setting of goals is a good thing. Every body sets goal. In fact many may call you names if you don't set a clear goal. In forex goals can be set and achieved, and there are different areas you can set goal as a trader. But setting profit target is one I don't appreciate. Setting of profit target is not a crime but considering the nature of forex business, setting of profit target can be a dangerous approach. When you set a profit target, it can push you into over trading, it can make you to start taking unnecessary risks. What of some months or days you record loss? Haven't you thought about that? Because loss is inevitable in this business. Having profit target can make you to start pushing harder when you should be actually out of the market, which can lead to more loss.
      Another point is that, the best way to measure performance in forex is the number of pips you make not percentage or the amount you make. When you measure your performance with pips it is easier to reproduce the same result next time. But when you measure your performance with how much is added to your trading account you will be deceived. If you have a small trading account you will think you are not making much progress because small account begat small profit. And if your account is very large up to $100,000 making hundred pips alone a month is a big money and you will be deceived into thinking you are making huge progress but in reality you are not. So the best way is to measure your performance with pips it makes the picture clearer.


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