You may have been wondering, what is this daily profit target anyways? Everyone knows, or should know, that you must know your max risk on every trade. This is one of the most important things about trading. What about profit targets though. How do we know where to take profit? I mean, you don’t want to leave meat on the bone, do you? The truth is, we always leave meat on the bone! Only a person that is trying to kill their account doesn’t leave some scraps some where. I often catch a resistance break and sell right at the top; I also often catch dip buys right at the bottom. I mean exactly the top or bottom. But I just said we often leave behind profit, didn’t I? Well, it is the truth. We may sell the top on resistance breaks, and grab the bottom on dip buys, but what about the other end of the trade? When we grab the bottom, we rarely hold through the entire move. It’s the same with the resistance breaks. We are just here to make our percentages, aka profit target. It is not our goal to get rich in one trade.
So what is our daily profit target that we hit more often than not? For us, all we are attempting to get is 1%. I do not mean 1% on one trade. We trade small and trade often! Small gains add up quick! We used to swing for the fences. If I didn’t make over $1000 at a time, I thought it a waste. I remember plays with returns of $2300. Stuff like that is not worth our time! That is what we have learned here. My grandpa always said, “gambling money has no home!” This is the truth no matter which way you look at it, unless you are the casino. And guess what, casinos do not gamble! We do not gamble! Trading is not gambling. I mean it can be if we break our rules. but if we trade like a business, it is never gambling. I cannot count the times I have been told trading is gambling. That is because trading can be gambling. And sadly, many traders are gamblers. There is no way to keep the market or life free of the like.
If you would like to try 15 second charts, check out TradeStation! The TradeStation 10 platform is built for professionals and available to you! They have amazing precision fills with the most reliable brokerage platform we have tried. The reason I tried TradeStation is because they are known as the best broker for shorts. The reason we stay is that and far more! I haven’t seen a perfect broker, But they are the closest!
If you’re looking for a calendar to see the most recent secondary offerings on a stock, or real-time news alerts, check out Benzinga Pro. The Squawk and audible alerts from Benzinga Pro are priceless!
Trade Ideas is the most powerful stock scanner on the market, with limitless filter combinations. This means you can create your own scans with trade ideas that perhaps even Trade Ideas themselves haven’t thought of. We like to use Trade Ideas for our evening market research. Yes you read that right. A traders job is never done, morning, noon, evening, and even night if you are doing it wrong.
Important notice to veterans active duty and first responders:
TradeStation is the first broker we know of that has offered no trade fees for active duty military, veterans, and first responders! This may not seem like much in light of the race to $ZERO$. Let me be clear, TradeStation is a professional level broker with amazing short locates, precision fills like you’ve never seen, Hot Lists that rival the best in the scanner business, and they honored our troops and first responders when others were falling short!
TradeStation is willing to give Mighty Soldiers Trades LLC supporters the following:
