Daily Profit, Daily max Loss

[Mohamed Omar 0]

17 hours ago, Robert H said:

@Mohamed Omar Congrats on the green month!

Unfortunately, I'm unable to provide individual journal review at this time. I suggest you start a post in the Journals subforum and have other members/mods provide feedback. I can take a look as well.

Cheers and best of luck.

OK no worries , thank you and have a good trading week.

[MKINGSBURY 2]

I was originally thinking in these terms when I first started trading but eventually adapted to my trading style. When I take a trade my max risk 1%, but often I will stop myself out before that if I don't like how the price action is moving, so my average loss is around .5%. With max loss for the day being 2% or 3 losing trades in one day. The same is said for my profits, I usually have a fairly close target for first partial, then my stop is break even. I often go into a trade looking for 2:1 or 3:1, but will only get .5:1 sometimes because I get a partial and stop out. 

So even though I first felt I had to let the price trade to my stop even if I was uncomfortable with how the price was moving immediately, I started to fit my trading style more to myself kind of "feeling" the market, if that makes sense. This could most definitely be dangerous style for some but has worked for me. I know my max loss per trade and day, but I often don't let it get there, I know my trades are short term and if it doesn't work right away I exit.

TLDR: I found it harmful to stick to extremely tight rules on stop/profit targets, adapted more to my personal style. Hope this helps