Goals, is 2% too optimistic for a newb?

[hailchaser2 185]

I used the profit target chart I found in this forum to set a plan for reaching my goals.

I feel like I could do 2% per day instead of 1%. Is that too optimistic? When did you start making 2% instead of 1%?

If I am able to average 2% per day, that would push my goal finished date to May of 2021 instead of Feb 2023.

 

[hailchaser2 185]

Oops, I just realized if can average 2%, I wouldn’t need a $100,000 account, I would just need a $50,000 account.

So that would make the end date the end of March 2021.

[Abiel 474]

How much % daily are you making now?

[hailchaser2 185]

10 minutes ago, Abiel said:

How much % daily are you making now?

Start live next week. Been trading sim and CFD’s for a year now. This will be my first account with a real broker. 
 

Sim last week I made avg of 3.3% per day.....but I know Sim and Live are completely different, I believe I have blown up enough real money CFD’s to be more disciplined this time. 

[Justin 262]

3rd goal is an odd one to focus on 

[hailchaser2 185]

1 hour ago, Justin said:

3rd goal is an odd one to focus on 

Lol, if i am averaging 1% a day, to speed up my goal date, I could put some of my extra funds from my regular job in the account to build it up faster instead of just using trading profits.

I’m hoping I can make this my last “hail season” and by spring 2021 I can be a full time trader.

I would have to change my screen name then.

[Abiel 474]

16 hours ago, hailchaser2 said:

Start live next week. Been trading sim and CFD’s for a year now. This will be my first account with a real broker. 
 

Sim last week I made avg of 3.3% per day.....but I know Sim and Live are completely different, I believe I have blown up enough real money CFD’s to be more disciplined this time. 

I guess after a couple of months trading live you´ll be able to define a realistic profit target. 

[hailchaser2 185]

18 hours ago, Justin said:

3rd goal is an odd one to focus on 

I responded about the wrong number “3”.
The BBT FB page is way behind the BBT twitter community. 

[RTrader 20]

Advice: Get rid of daily goals and dollar related goals completely. Focus on routine, and process. Focus on keeping your mindset as clear and patient as possible. None the monetary goals matter when you are all screwed in the head when trading.

Also when it comes to how much % do I make a day... I have no clue! It depends on what the market gives me. I trade futures, not stocks, but I can tell you if the market is good and it's easy to trade, I stay all day because you need to push it when it's good. You have to have big days in order to make up for the draw-downs, which are going to happen. Trading is not a normal job and it's not a linear path. It's a journey for sure.

 

Jason

[hailchaser2 185]

2 hours ago, RTrader said:

Advice: Get rid of daily goals and dollar related goals completely. Focus on routine, and process. Focus on keeping your mindset as clear and patient as possible. None the monetary goals matter when you are all screwed in the head when trading.

Also when it comes to how much % do I make a day... I have no clue! It depends on what the market gives me. I trade futures, not stocks, but I can tell you if the market is good and it's easy to trade, I stay all day because you need to push it when it's good. You have to have big days in order to make up for the draw-downs, which are going to happen. Trading is not a normal job and it's not a linear path. It's a journey for sure.

 

Jason

Thank You.
 

I think that will help. I’m forcing trades and profits, and I know that will never work.

[Christopher 129]

I think having goals is good, but this mindset could be counterproductive. I wouldn't take the forums advice on whether or not you can make 2% a day, as I'm sure there are plenty of people here that can / do. Prove it to yourself! Trade in Sim as if it were live for a few months and compile the data. One week at 3.3% a day is beyond great! But,  it's not nearly enough confirmation to see where your at. You're gonna have great weeks, decent weeks, and not so great weeks, and all of the data from those weeks are equally important.

Don't go live thinking you can make 1%-2% a day, go live KNOWING you can. 

Good luck! 

-Chris

[Abiel 474]

I am convinced that daily goals of 1% - 2% are for experienced traders. 

[Brendon 146]

@hailchaser2 I find the hardest parts of trading come down to two things, letting winners outrun your losers (so not ending your winning trades too early) and stopping out when you're wrong. If you're able to do those two things consistently (in Live) you are a god. Then all these quantified goals and excel spreadsheets can be thought up to maximize your profits. Moving from profitable in SIM to LIVE is more than just changing tabs in the montage  The easiest part of trading for me is finding setups actually, it was easy making money, but not easy to stop losing money in a trade. When that losing trade comes and it will, that's when you're tested.