Daily Target - How To Limit Loss - Psychology Of Trading

[Andry]

Daily Target

If we wanted to get consistent profits, we must have target right?

There are short-term and long-term target.

I wanted to know your target daily guys.

So how many pips each day in your target?

Why did you use that much as your target?

[Andry]

How To Limit Loss

In trading, we must limit our losses so we won't get big loss in a transaction or get Margin Call.

So what is your strategy to limit your losses in each transaction?

Share it here guys...

[Andry]

Psychology Of Trading

The other things that we must pay attention in forex besides our knowledges and experiences is our psychology.

How did we control our psychology in forex?

Can we avoid greedy and fear in forex trading?

[amcfx]

If we wanted to get consistent profits, we must have target right? There are short-term and long-term target. I wanted to know your target daily guys. So how many pips each day in your target? Why did you use that much as your target?

 

I target 100 pips per day in EU because EU moves 100 pips by average. Sometime's my TP is not hit because I get stopped out by trailing stop.

[amcfx]

Easy question. Put STOP-LOSS. This preserves your account for us to continue trading another day.

Know by heart that every time you place an order never forget it.

[Andry]

@amcfx

Yes, you can use hedging/locking also right? About put Stop Loss, how much pips that you will put as your stop loss with your current position of open condition?

[Andry]

@amcfx

Wow that was reall cool man to target 100 pips daily as your profits. If your target reached, how many bucks that you could get in a day friend? Seems like you are expert trader.

[amcfx]

@amcfx

Yes, you can use hedging/locking also right? About put Stop Loss, how much pips that you will put as your stop loss with your current position of open condition?

 

I use 35 pips trailing. Don't use lower than this imho. Because average retracement moves are about 20-30 pips, you'll get stopped out quickly.

[Andry]

@amcfx

If me, I will look at the method and condition of market. If I trade with scalping method, I will limit my Stop Loss for about 20 pips because the movement when sideways won't be too far.

[Guest gaban]

i'm scalper and my target is 20 pip for a day, although i think it's not big enough but i think it good enough for me, as long as i can make it again and again as constant that i can, i think its enough for me.

[Dean Headley]

Gaban, I believe that target is not small, but it is not that big either, so it’s sort of middle way to things. I believe we need to be using slightly higher lot size with that many pips. I always get added advantage thanks to OctaFX broker, as they got huge rebate program, as I am able to earn 15 dollars profits per lot size trade, so even if I don’t make that much pip, I can still be in fairly good profits only if I am able to get the trade ending in positive part, but even if the trade ends in negative, I still get support with this scheme since it’s given on both positive and negative trades.

[Forhad Reza]

The daily target practically we the traders select according to our trading experience. as a scalper , my daily target is to earn 20 pips daily. And, I am extremely dependable on scalping strategy for achieving my target completely. Moreover, for using this trading approach my best choice was MXTrade trading broker which for all time make sure best trading environment for scalping by providing flexible trading spreads.

[jinjiren]

I suggest to setup your leverage belan ow 100, more than 100 is dangerous for most traders and affect your trading mind seriously.

[Dele Alli]

We are hardly required to do anything special or extra ordinary; it’s all about keeping things simple and straight forward instead of setting unnecessary targets which lead to nothing but problem and troubles. I don’t do anything crazy instead I like simplicity and thanks to OctaFX, I am able to achieve great results with it to do with low spreads from 0.1 pips to high leverage up to 1.500 while they also got brilliant rebate scheme where I get 50% back on all trades.

[Vic Pollard]

Trading psychology is the key to be succeed in the forex market. If we sit infront of chart with lots of family pressures and tensions then this will effect our trading life. So we cannot do this. We must make our brain free for all odds before starting trading. Otherwise we cannot make consistant profit. More over money management is the key to another trading success. We should not take the risk of any trade that we cannot afford.

[ViproMarket]

Psychological trader will continue to get a great deal of pressure, the longer we are trading, then usually the greater the pressure, and if it is not able to control it then all trading plans will become less often due to a lack of discipline due to poor self-control.

[Matthew Hart]

To be successful in forex trading we all need have our own targets, there is no matter if you are active forex trader or not, if you can set your target, then you can make plan and strategy to achieve your target. And you can see the obstacles clearly and how to remove those from your path of profit. If you are looking for a good broker who can help you to set your targets, then TryMarkets is the best for you.

[Ross Edwards]

I am full time trader who trade for livings. I have 5k investment in AAFX broker. Every day I start my trading with a target. Mostly I target 100 pips. But everyone knows that forex market is not certain business where you can always make profit. For that we have to maintain our lose limit. For that I make risk management. I am patient trader. I always try to trade less and earn more. I always try to ignore news trading and over trading