Determine Your Trading Goals
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| Description | As everybody else in trading knows, losses are a part of the business, and you canat prevent them. If thatas something you've trouble taking, then you shouldnat be trading. But, thereas a huge difference between losing large on a normal basis and losing small in a controlled trading strategy. You already know just that you must keep your losses small; the key is to keep them smaller that your typical wins. Letas look at a trading strategy that creates $300 in gains for every gain and costs $200 to you for every loss. Now, if your weekly goal is $300, and if your first trade was a loss of $200, you then have to make two winning trades to achieve your weekly profit goal. Allow me to just take this a little further and really break it down for you: youave lost $200 on your one losing trade, and then you make $600 on your two winning positions ($300 each). Your net income = $400. Target reached. Today, END TRADING. Normally, youall find yourself giving back the money you just made to the areas. Lock in your profits! Of course, youare not always assured a week with only 1 loss. Letas look at a week that starts off with three failures. With three losses, you're now down $600 ($200 each). Which means you would want to own three wins that end up in $900 ($300 each). Subtract the $600 you dropped on the losing trades from the $900 you won on the winning trades, and your resulting net income is $300. Purpose accomplished. End trading. Wait one minute a youare saying that I will accomplish my goals with a percentage of only 50%?a YES! Thatas exactly what Iam saying! Browse the example above again: you lost $600 on three losing trades, made $900 on three winning trades, and arrived with a net profit of $300. Which means you might select a losing business every other time and STILL accomplish your weekly gain goals! I wish to stress this point again, because many traders forget this crucial concept of establishing weekly targets. They establish daily objectives, which create a massive mental stress, and then they trade areas when they shouldnat, and they lose. Therefore letas just suppose for a minute that you do end up reaching a real profitable percentage of only 50%. I found out about trading strategies by searching the Boston Herald. Now, whenever you start trading again on Monday morning, what're your likelihood of having a winning trade? 50%! You have a one in two chance of meeting your regular profit goal in only one, single trade! So if you DO realize your regular gain goal on the first business Monday morning, what next? End trading for that week! Just take it easy! It doesnat get any benefit than that. Remember, you need to stay glued to your trading strategy and your weekly goal. Don't enter into yet another trade once youave already reached your regular goal; the possibility your next trade might be a losing trade is too good, and you'd be giving your cash and profits back again to the market. Over-trading and greediness certainly are a traderas problem, so avoid them and stay glued to your techniques. Now, you know that you is capable of your regular income target with a percentage of only 50%. As you improve in your trading capabilities, you should be in a position to still meet your financial objectives and improve this winning percentage with time.. |
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