Thanks for the welcome, everyone! Part of a trading plan- a critical part- is to have profit goals. They may be daily, weekly, monthly, etc. You set these goals based on your business. Trading is a business and is treated like a business. Everyone is different in what he or she needs to make in order to live at this or that lifestyle. If you make your profits for the day, then stop trading. It is not a mistake to take profits if you have made your target. It is a kind of self-delusion to look and say "I could have made more" or "It was a mistake to take the profits and go when there was so much more there to take." Some days, you will be blessed by the markets to receive more than your goal. Be grateful for that and do not tempt the markets. Many traders do really well in the morning, get a bit euphoric and keep trading ( even when they have made their daily goal) and give it all back in the afternoon. This might not happen every day, but it happens a lot. Trading success is a marathon, not a sprint. Making money is highly rewarding and tends to reinforce dopamine pathways which lead to wanting to make more money. This can lead to overtrading, overleveraging, taking more risk, etc. The most important thing is to have a plan for what you need to make, and stay with that plan. If you are ready to go to "higher levels" you need another plan with well defined parameters. There is a lot more to say about this, but bottom line, everyone has different needs and wants. Also, remember that the markets will humble everyone, so it is best to stay out of hubris and in gratitude. I will not bore you with homilies about pigs getting slaughtered. You all know that. Greed is good, but it must be tempered with a sound trading plan and trading discipline.
Thanks!
Doctor Janice
The Trading Doctor