When trading, never set yourself a profit target. Never! It’s a very foolish thing to do.
----Why do I say that?
1. First, market conditions are inherently unpredictable. You can’t just decide how much you’re going to make within a set amount of time. Setting a time limit often ends up forcing you to place trades in market conditions that aren’t right for you.
2. Second, no one can know for sure whether a trade will be profitable, or how much it will make. If you take a loss, you’ll be even more desperate to win it back. Once your emotions take over, the result is often a string of consecutive losses.
3. Finally, we don’t need to set ourselves profit targets. What matters most is setting trading rules. If a setup doesn’t fit your trading system, don’t take the trade. If it does, set your stop-loss and act decisively. This is 1,000 times more useful than setting yourself some damn target!
$SNDK $GTC $W
----Why do I say that?
1. First, market conditions are inherently unpredictable. You can’t just decide how much you’re going to make within a set amount of time. Setting a time limit often ends up forcing you to place trades in market conditions that aren’t right for you.
2. Second, no one can know for sure whether a trade will be profitable, or how much it will make. If you take a loss, you’ll be even more desperate to win it back. Once your emotions take over, the result is often a string of consecutive losses.
3. Finally, we don’t need to set ourselves profit targets. What matters most is setting trading rules. If a setup doesn’t fit your trading system, don’t take the trade. If it does, set your stop-loss and act decisively. This is 1,000 times more useful than setting yourself some damn target!
$SNDK $GTC $W