I have recently read a thread in a forex forum written by a new trader asking other experienced traders either a daily profit target of 50 to 60 pips is okay or not.
Guess what?
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Most of the replies by experienced trader ask him to scrape the idea of having a daily profit target and I am one of them. You may be wondering why did I recommend the new trader to forget about the idea of having a daily profit target.
You need to understand that trading is unlike a real job whereby you will get a fix wage at the end of every month. In trading forex, there are days where you will not see any profit at all either because there is no setup that allows you to enter a trade or you may be having some losses on determined days. However due to your consistency in executing your trading plan and the winning division that the plan can present to you, you will be able to have an revenue at the end of the month.
Imagine you having a daily target of manufacture 50 pips but you have just lost a trade. What would you do?
You will absolutely enter an additional one trade immediately without any analysis as you want to make back the losses and at last make the 50 pips target. This is known as emotional trading and this is exactly the key intuit why most traders fail in this trade.
To end this article, I just to let you know that there is no way you can perform your daily profit target in forex but you will absolutely be able to make an revenue that can allow you to live comfortably if you stick to your trading plan and always trade with good risk reward ratio.
Making a living from forex trading is not a myth and it is absolutely achievable.
How to achieve Daily profit Target in Forex
