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I have never been able to understand why anybody wants to work with daily profit targets. Always seems like unnecessary additonal pressure with no positive benefit. Maybe I'm missing something. |
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Bramble - I think it comes down to people working well when there is a finite goal in front of them, especially when new to trading. I personally think that for a newbie to go for $100/day at the beginning is a great idea. It gives them something to shoot for and provides the ability for a 'reward' for doing the job that day. And it's realistic to start.
This thread has reminded me of my time as a broker. When we were training new brokers, we had very definite goals given to each new broker that they had to meet each day. The 'recipe' as we called it was proven time and time again - follow these steps and the likelihood of becoming a successful broker was very high. Same can be said of trading - start small and then build your daily goal over time. Then, you'll just forget about even needing a goal b/c now the habit has been developed over time. You have to train your mind to repeat the same process over and over again. Your confidence is strong from reaching your goal most days, your account size is growing and all of a sudden you feel pretty good about what you are doing. Then it's not a matter of making $100 a day, it's a matter of how many zero's are going to be at the end of your goal...