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does anyone have comments on daily goals for profit for YM, NQ, and ES ??? I know some will say why stop trading if you are doing well, but for me I tend to trade away those profits.
I am looking for a daily goal for these index futures trades and then I stop for the day
PM me to discuss your question.
I think what a futures trader should set as a daily limit is the daily loss limit. This amount should be never exceeded.
But your question was daily profits. There are people who say that you should push trading when it is working. So if you set a profit limit then your upside potential will be limited.
The best combination I think is to have downside risk limited daily, and upside potential left open.
These are not set in stone, this week maybe you would make more money if you continued trading while you are winning. Next week maybe you will give back your profits and end the week break-even.
In my case I have a daily loss limit and no upside limit. But you should do it in a way that it should suit your personality. There are also many other factors to be considered, like today is trending, sideways or volatile with up and down swings. What is best for your trading strategy? If today is trending and if you are a trend follower this could be a day to push trading.
Just a couple of thoughts on this difficult subject.
I agree, in other words: Cut your losers short and let your winners run.
how fast future move these days. Good luck “know” when to cut your loss and keep your gains. last couple week stoploss limit didnt work well. 1 seconds YM moves 75+ pts up or down. stoploss market was my only options.
I have to modify my response: Cut your losses short and let your winners run with trailing stops in place.
