Welcome to the Traders Laboratory.

Money Management Risk and money management related topics.

Like Tree4Likes
Reply
Old 02-07-2013, 12:55 AM   #1

Join Date: Jun 2011
Posts: 67
Ignore this user

Thanks: 8
Thanked 1 Time in 1 Post

Keep Trading AFTER Monthly Goal is Hit?

Im finally getting ready to start trading a live acct. I have been studying and learning for about 4 years and I am now ready to go live. I have been fine tuning my system for about 3 months.

I will start out trading 1 contract.. (add 1 ct per every $5000 gained). my goal is $2000 net profit, or about 200 net ticks per month.

I trade intraday.. TF, CL, GC, and 6J.. I use tick charts...144, 233, and 610.

my system is an overall winning sytem, so my question is this: should I trade every set up I see, or trade more conservatively..ie..stay out after I net 20-40 ticks...per day? with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?

I figure if I meet my monthly goal of $2000 per contract per month, then I should stay out, thus limiting my risk even further.

just would like to know other traders thoughts on this particular aspect of money management. thanks in advance
shooly76 is offline  
Reply With Quote
Old 02-07-2013, 01:42 AM   #2

Patuca's Avatar

Join Date: Oct 2007
Location: no city
Posts: 1,203
Ignore this user

Thanks: 22
Thanked 80 Times in 75 Posts

Red face Re: Keep Trading AFTER Monthly Goal is Hit?

Quote:
Originally Posted by shooly76 »
Im finally getting ready to start trading a live acct. I have been studying and learning for about 4 years and I am now ready to go live. I have been fine tuning my system for about 3 months.

I will start out trading 1 contract.. (add 1 ct per every $5000 gained). my goal is $2000 net profit, or about 200 net ticks per month.

I trade intraday.. TF, CL, GC, and 6J.. I use tick charts...144, 233, and 610.

my system is an overall winning sytem, so my question is this: should I trade every set up I see, or trade more conservatively..ie..stay out after I net 20-40 ticks...per day? with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?

I figure if I meet my monthly goal of $2000 per contract per month, then I should stay out, thus limiting my risk even further.

just would like to know other traders thoughts on this particular aspect of money management. thanks in advance
the market knows nothing of your monthly goals. By all means keep trading unless you find that mentally you are becoming sloppy and taking risks you normaly would not take, after you reach you monthly goal. Ultimately the goal is to continue taking money out of the markets. Each day is a new day to do so.
zdo and MightyMouse like this.
Patuca is offline  
Reply With Quote
The Following User Says Thank You to Patuca For This Useful Post:
shooly76 (02-07-2013)
Old 02-07-2013, 04:11 AM   #3

BlueHorseshoe's Avatar

Join Date: Jan 2012
Location: UK
Posts: 1,371
Ignore this user

Thanks: 234
Thanked 287 Times in 223 Posts

Re: Keep Trading AFTER Monthly Goal is Hit?

Quote:
Originally Posted by shooly76 »
with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?
Are you sure you're ready to start trading?

If your strategy has a positive expectancy then you'll want as much opportunity to exercise that edge as you can get (i.e. you keep on trading). If you don't really have an edge and you lose in the second half of a month what you made in the first, then that would be chance, and nothing to do with money management.

The only possible exception might be when dealing with OPM and benchmarks.

BlueHorseshoe
MightyMouse likes this.
BlueHorseshoe is offline  
Reply With Quote
The Following User Says Thank You to BlueHorseshoe For This Useful Post:
shooly76 (02-07-2013)
Old 02-07-2013, 02:58 PM   #4

Gekko78's Avatar

Join Date: Jan 2013
Posts: 171
Ignore this user

Thanks: 2
Thanked 31 Times in 21 Posts

Re: Keep Trading AFTER Monthly Goal is Hit?

Quote:
Originally Posted by shooly76 »
Im finally getting ready to start trading a live acct. I have been studying and learning for about 4 years and I am now ready to go live. I have been fine tuning my system for about 3 months.

I will start out trading 1 contract.. (add 1 ct per every $5000 gained). my goal is $2000 net profit, or about 200 net ticks per month.

I trade intraday.. TF, CL, GC, and 6J.. I use tick charts...144, 233, and 610.

my system is an overall winning sytem, so my question is this: should I trade every set up I see, or trade more conservatively..ie..stay out after I net 20-40 ticks...per day? with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?

I figure if I meet my monthly goal of $2000 per contract per month, then I should stay out, thus limiting my risk even further.

just would like to know other traders thoughts on this particular aspect of money management. thanks in advance

my system is an overall winning sytem, so my question is this: should I trade every set up I see, or trade more conservatively..ie..stay out after I net 20-40 ticks...per day? with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?



I used to ask myself the same question on a daily basis. I would be in profit for the day and wonder if I should keep going. I also thought about the signals and which ones were good and which ones were bad.

I take EVERY signal that is generated by my method.....yes I said EVERY ONE.I asked a trader friend of mine this question about 5 years ago and he said this : The problem is you never know which set ups are going to be the huge payoffs and which ones are not...the only way to know is to take every one of them.

Of course MM is incorporated into this as you need to be able to get out quick when you are wrong but also get in if the direction changes. I trade 2 contracts always ......1 contract is for a specified amount of ticks and the other just goes on until the market takes me out.

A good example of this was this morning in the YM ....huge move after the NY open .....I got short ...took 10 ticks and then let the other contract ride the wave..... wound up with 70 ticks total on that Bad boy ...... before that I had about 3 losing trades to start the day. Now if I let my emotions get to me and skipped the next signal I would have missed that huge move. I have been burned to many times by not taking every signal.....overall the winners more than make up for the losses and then some.
72black likes this.
Gekko78 is offline  
Reply With Quote
The Following User Says Thank You to Gekko78 For This Useful Post:
shooly76 (02-08-2013)
Old 02-11-2015, 07:59 AM   #5
nhn

Join Date: Feb 2015
Posts: 21
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Re: Keep Trading AFTER Monthly Goal is Hit?

Quote:
Originally Posted by shooly76 »
Im finally getting ready to start trading a live acct. I have been studying and learning for about 4 years and I am now ready to go live. I have been fine tuning my system for about 3 months.

I will start out trading 1 contract.. (add 1 ct per every $5000 gained). my goal is $2000 net profit, or about 200 net ticks per month.

I trade intraday.. TF, CL, GC, and 6J.. I use tick charts...144, 233, and 610.

my system is an overall winning sytem, so my question is this: should I trade every set up I see, or trade more conservatively..ie..stay out after I net 20-40 ticks...per day? with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?

I figure if I meet my monthly goal of $2000 per contract per month, then I should stay out, thus limiting my risk even further.

just would like to know other traders thoughts on this particular aspect of money management. thanks in advance
Traders are risk takers,naturally. You should continue even after reaching your monthly goals. Besides,some months may be difficult and hinder you from reaching your goals. The months you make more than your goal should cover up for those.
nhn is offline  
Reply With Quote
Old 02-19-2015, 11:20 AM   #6

Join Date: Feb 2015
Posts: 31
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Thumbs up Re: Keep Trading AFTER Monthly Goal is Hit?

hiii

i would say that you should keep on trading even if the money goal is hit.
being secure is good i would recommend to take risks in your life.
spareappeal is offline  
Reply With Quote
Old 03-20-2015, 04:04 PM   #7

Join Date: Sep 2014
Posts: 21
Ignore this user

Thanks: 0
Thanked 1 Time in 1 Post

Re: Keep Trading AFTER Monthly Goal is Hit?

You donít have any reason to stop even when you hit the point mark; because you are not even sure you will hit it next trading month; one of my trading goals for this month was to make over 100 pips into my Profiforex trading account which I attained today; but guess what, am going back to trade tomorrow.
realforexer is offline  
Reply With Quote
Old 08-28-2015, 06:35 AM   #8

Join Date: Oct 2013
Posts: 139
Ignore this user

Thanks: 0
Thanked 1 Time in 1 Post

Re: Keep Trading AFTER Monthly Goal is Hit?

Quote:
Originally Posted by shooly76 »
Im finally getting ready to start trading a live acct. I have been studying and learning for about 4 years and I am now ready to go live. I have been fine tuning my system for about 3 months.

I will start out trading 1 contract.. (add 1 ct per every $5000 gained). my goal is $2000 net profit, or about 200 net ticks per month.

I trade intraday.. TF, CL, GC, and 6J.. I use tick charts...144, 233, and 610.

my system is an overall winning sytem, so my question is this: should I trade every set up I see, or trade more conservatively..ie..stay out after I net 20-40 ticks...per day? with this being said, should I stay out if I meet my monthly goals? or keep trading my set-ups evenafter monthly goals are met?

I figure if I meet my monthly goal of $2000 per contract per month, then I should stay out, thus limiting my risk even further.

just would like to know other traders thoughts on this particular aspect of money management. thanks in advance
Trading out of the plan kills money management.
Main rule in money management - you should stick to it. If you make even one trade out of that then it breaks the setup and it's hard to come back to normal trading.
You can be clueless about trading strategy etc but able to manage bets effectively and you will be on the winning side. Easy as that.
fxeconomist is offline  
Reply With Quote

Reply

Thread Tools
Display Modes Help Others By Rating This Thread
Help Others By Rating This Thread:

Similar Threads
Thread Thread Starter Forum Replies Last Post
Monthly Option Trade Log mslk Options Trading Laboratory 30 11-23-2011 02:01 AM
Floor Pivots Monthly Robert2617 Trading Indicators 7 07-20-2009 09:30 PM
What's in a Goal? jonbig04 Beginners Forum 7 11-26-2008 08:14 PM
Monthly Pivots for YM MrPaul Market Analysis 11 03-16-2007 05:07 PM
Dail Goal for Index Traders? Soultrader Futures Trading Laboratory 3 09-30-2006 12:20 AM

All times are GMT -4. The time now is 10:45 AM.
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
CS to VB integration by DeskLancer
©2006-2011 Traders Laboratory, All Rights Reserved.