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Day Trading Futures or Forex – The importance of goal setting

October 30, 2014

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daily goal

 

One of our Tackle Trading members was in my office for 3 days this week studying and trading.  We worked on trading options, spreads, using the scouting report, triggering into option trades and also day trading futures.  Each morning, on my whiteboard we came up with a goal together and put it up on the board.  He would scalp the futures market in 5-15 minute trades to go for his goal.  The image above was his goal for Thursday.  Great work Arsen!  Goal setting is a great way to keep your mind focused, driven and working towards a concrete stopping point.  If you’re going to try to day trade or scalp – first let me recommend the futures market in the morning or the forex market at different points of the day.  Using leveraged products allows you to capitalize on the inherent benefits of OPM (other peoples money) and structured risk and reward.  Every tick or pip comes with a fixed profit or loss.  There are advantages to having performance like that.  I love options – but because of the option greeks – they are more complicated than products that simply behave based on delta.

If you’re going to try day-trading, develop a schedule, a structure, an entry point system and most importantly – money management rules.  You should have a dead stop point that if you’re losing a certain amount of capital you simply call it a day.  But, there’s tremendous opportunity.  And for those of you new to trading, it will help you develop your technical chart reading skills and learn the intraday schedule regarding economic data, bank and market opens and volatility spikes.

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One Reply to “Day Trading Futures or Forex – The importance of goal setting”

  1. Avatar Alice Montgomery says:

    Thanks Tim…as a newbie, with all this information and possibilities, it was difficult to think to slow down and that it’s okay… to practice good habits before risking real capital.

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