How Do You Set Target in Trading?

[moonchild]

When trading the financial market it is important to set a target, for example the amount of money you want to make and also how much you're willing to risk per trade it is very important to do that, because it is a plan and if it is feasible it will help you reach your goals faster.

You can set a goal of making $20 a day on your account, some people do not like using dollar figure, they rather use pips, but in any way, if you have a goal, it makes you sort of focused and dedicated to reach your goals easily.

You can also limit your losses in a day, to let's say 10$ in other to manage risk in your account.

 

[FinTrader]

I never set myself goals for the amount of money earned per day because I understand that there can be unprofitable trades and days. And here it is important to stop just in time so as not to incur even more losses when, after losing trades, you continue to chase the planned daily profit target. And on any given day the market can be different: today, for example, there is a good trend movement, and tomorrow there is a narrow flat, in which it is impossible to fulfill the plan. That is, whatever amount the market gives the opportunity to earn during the day, I am happy with that amount of profit.