My mental set-up : checked
My trading set-up: checked
My trading goal: checked
It seems more practical if I'm focus on being profitable for the week
Accordingly, the weekly PnL in this blog will be up updated weekly. The official monthly PnL is as usual.
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Another Dr Brett's note:
http://traderfeed.blogspot.com/2006/12/three-pieces-of-trading-wisdom.html
Focus on being profitable for the week - Individual trades may go against you and individual trading days can offer little opportunity. As a senior trader once explained to me, for the active trader, however, there are enough fresh opportunities in a week to make it reasonable to set a goal of being profitable for the week. You won't reach your goal every single week, but the mere act of setting the goal keeps you focused. For example, you don't want to lose so much money in a single day that you can't make it back during the other days of the week. You also don't want to lose so much money on a single trade that you can't come back during the remainder of the day. When you really push yourself to be profitable every week, you don't let individual days get away from you. And when you don't let individual days get away from you, you start managing each trade carefully to ensure that your largest loss won't exceed your largest gain. Time and again I've seen a consistent sign of progress among developing traders: they stop digging themselves into holes.
Great post. I always focus on being profitable for the week rather than for the day/session and it seems to work well. In fact, by focusing on the weekly results I often find that I am profitable most days anyway.
ReplyDeleteTat concept of not digging a hole which is too big to climb out of is very valuable.
Thank you for your input T32!
ReplyDeleteMy previous daly goal put uNnecessary pressure on me. Now I know why ....This advice and concept can't be found in the 'text' book.