Profit Targets
Posted: Thu Mar 16, 2023 4:57 am
Hey fellas.
Ive been strictly going for 8 ticks on all trades for quite a while now. Ive been having a mental debate on whether I should drop it down to 6 ticks. My losers are almost entirely just flat-out bad entries like traps or congestion which wouldn't be successful trades even by accident. They'll go for 1-2 ticks then flush down the toilet. However, lately, there's been a few times where 6 ticks would have worked. Its difficult to calculate whether 6 ticks would help or hurt.
My goal is to scalp out without having to do extra trade selection filtering, making sure ive got "extra" room if that makes sense.
Is there a method that you guys follow to quantify your profit targets? The other day the ATR was 16-20 ticks vs the usual (lately) 8-12 ticks. I dont want to stay out on highly volatile days, but I also dont think its a good idea to risk 5 points to gain 1.5 points.
Is there a quantifiable method we can employ to adjust our profit targets according to the ATR?
Eric, do you and Marco always go for 4-6 ticks even on volatile days?
I am slowly improving and I think im doing ok for only being at this for 7 months. This particular month would be 100% accuracy so far if I was going for 6 ticks, but if I would have caught a loser on a volatile day it would sting.
Also, Eric, FYI your course has very much improved my trading. Im still working through it but it has definitely helped.
Ive been strictly going for 8 ticks on all trades for quite a while now. Ive been having a mental debate on whether I should drop it down to 6 ticks. My losers are almost entirely just flat-out bad entries like traps or congestion which wouldn't be successful trades even by accident. They'll go for 1-2 ticks then flush down the toilet. However, lately, there's been a few times where 6 ticks would have worked. Its difficult to calculate whether 6 ticks would help or hurt.
My goal is to scalp out without having to do extra trade selection filtering, making sure ive got "extra" room if that makes sense.
Is there a method that you guys follow to quantify your profit targets? The other day the ATR was 16-20 ticks vs the usual (lately) 8-12 ticks. I dont want to stay out on highly volatile days, but I also dont think its a good idea to risk 5 points to gain 1.5 points.
Is there a quantifiable method we can employ to adjust our profit targets according to the ATR?
Eric, do you and Marco always go for 4-6 ticks even on volatile days?
I am slowly improving and I think im doing ok for only being at this for 7 months. This particular month would be 100% accuracy so far if I was going for 6 ticks, but if I would have caught a loser on a volatile day it would sting.
Also, Eric, FYI your course has very much improved my trading. Im still working through it but it has definitely helped.