Today I had no losses and I traded better than last Monday... I was also using double the stakes of last week...
But I made less profit per market.
So how do targets fit into trading horse races...?
If I had a target to make double my profit from last week, would I have made mistakes trying to get more out of the markets? Or would I have been more focused and able to get more out of the markets?
There needs to be some balance. I like to have goals, and setting targets can be a good way of motivating and monitoring. But at the same time it is difficult to set profit targets on markets that I have no control over, and I don't want to be trying to hard to take more than the market is offering me by taking unnecessary risks with my bank.
At the moment my targets are more about reading the markets, reading the races, how I feel, and trading well. They are more about not making losses than about how much to make.
Take what I am given, nothing more nothing less.
At some point (soon) I need to start pushing the stakes and profits a bit harder... What sort of targets will help me do that?
£10 a day is ok for beer money, but it won't pay the rent.
I'll have a think about how best to approach this and set some targets this week. It will probably involve ramping up the stakes faster.