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shooly76

Keep Trading AFTER Monthly Goal is Hit?

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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

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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.

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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

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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.

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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.

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You don’t 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.

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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.

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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.

 

The problem here is that it might be too late when you realise you're getting sloppy and lose concentration if you already lose your money. Not sure it's worth getting yourself to this stage...

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