Monthly target in trading.

[Rruchi man]

Growing up, we were taught about plans and goals and that in making plans, we should also do well to write them down so they become goals.

Writing down plans is a very important as it helps us to be able to see our thoughts and what we want physically, it pushes us and our brains to function in a certain way to achieve the plan.

At the start of the new month,  I want to pen down the amount  i plan to make (monthly target)  from trading cryptocurrency and my other businesses by the end of the month.

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

[Kittygalore]

I tried it when I was starting but I discontinued that way because my goal sometimes does not become a reality plus plans don't seem to go as I want it to be and having a goal for a month gives me an underlying pressure that's making me subconsciously do stupid decisions along the way. I am much better now when I discontinued so yeah, no plans from going back.

[Silberman]

Growing up, we were taught about plans and goals and that in making plans, we should also do well to write them down so they become goals.

Writing down plans is a very important as it helps us to be able to see our thoughts and what we want physically, it pushes us and our brains to function in a certain way to achieve the plan.

At the start of the new month,  I want to pen down the amount  i plan to make (monthly target)  from trading cryptocurrency and my other businesses by the end of the month.

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

There is nothing wrong with having goals but at the same time there are going to be times in which the goals are impossible to reach no matter how good you are, there are times that the market does not move much and in those circumstances you cannot obtain profits if there is not a strong trend in either direction, now you may think about using leverage but I have always considered that to be a mistake as a single mistake while using leverage can be more than enough for your account to be wiped out.

[dothebeats]

I have tried this when I was just starting into trading. But over time, I realize that the more I see my targets, the more pressured I become to hit it and the more I lose in the process. What I just did instead is to delete a set plan and just record any gains and loss I may have for the week, and just tally how I fared for the month. It's a lot easier to do and less stressful to follow, and you can be very flexible with your trading patterns as you are not restricted to a set amount of profit in a short span of time.

[Natsuu]

Growing up, we were taught about plans and goals and that in making plans, we should also do well to write them down so they become goals.

Writing down plans is a very important as it helps us to be able to see our thoughts and what we want physically, it pushes us and our brains to function in a certain way to achieve the plan.

At the start of the new month,  I want to pen down the amount  i plan to make (monthly target)  from trading cryptocurrency and my other businesses by the end of the month.

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

Same as the other, it is quite ideal to do it in your first tries but later on you will realize that you are being pressured by your own self. I realize in those times the basic things about trading especially in crypto, which is the volatility of it, and the principle of buy low sell high. You can't just control the price to satisfy your goal in reaching a certain amount, which leads me to actually lose some.

[bittraffic]

If it helps you to realize the plans after writing them then why not. It's all about conditioning your mind just as it can motivate you in achieving what your mind can think of.

I have tried this when I was just starting into trading. But over time, I realize that the more I see my targets, the more pressured I become to hit it and the more I lose in the process. What I just did instead is to delete a set plan and just record any gains and loss I may have for the week, and just tally how I fared for the month. It's a lot easier to do and less stressful to follow, and you can be very flexible with your trading patterns as you are not restricted to a set amount of profit in a short span of time.

I wouldn't pressure myself harder too I have too little time to devote to my trading, I have to tend to my priority job too. If I have to write down my goal profit, it would be the amount I shouldn't lose.  

[teosanru]

Growing up, we were taught about plans and goals and that in making plans, we should also do well to write them down so they become goals.

Writing down plans is a very important as it helps us to be able to see our thoughts and what we want physically, it pushes us and our brains to function in a certain way to achieve the plan.

At the start of the new month,  I want to pen down the amount  i plan to make (monthly target)  from trading cryptocurrency and my other businesses by the end of the month.

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

Definitely Yes, I have written this a lot of times, usually at the start of every month I write a realistic yet challenging target for myself that I want to achieve that month, It could be in percentage or could be absolute, but the only thing you should ensure is that don't run behind your target only as it won't get achieved every month, what I mean here is you have to achieve the target by obeying the laws of your trading within the limits set by you for yourself, you shouldn't take higher risk if you think the target seems unachievable or you shouldn't pour in large sizes of trade if you feel the target is still far away.

[blockman]

Yes, I did that before when I'm very active in trading and it isn't that much so that there's no pressure on to myself of achieving that goal and amount that I've set.
As long as you're going to make as much as you can through trading and it's better if you're not putting high numbers so there's no need for you to rush and you'll be taking time to enjoy as you trade. That's the better way of targeting your monthly gain through trading at least IMHO.

[Oilacris]

Growing up, we were taught about plans and goals and that in making plans, we should also do well to write them down so they become goals.

Writing down plans is a very important as it helps us to be able to see our thoughts and what we want physically, it pushes us and our brains to function in a certain way to achieve the plan.

At the start of the new month,  I want to pen down the amount  i plan to make (monthly target)  from trading cryptocurrency and my other businesses by the end of the month.

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

Doesnt really need that for you to tally or write on paper since you can make it imaginary or would be set up on your mind but for me most of the time i dont set up goals for a specific number since we know that profits

couldnt really be determined nor be fixed because of unpredictability of the market which means you neither be on profit on small or big scale or would be on losses on small or big scale too.

What makes you determined is that you do really aim for making profits in the first place.Just be grateful on how much you do able to do so and what matter most here is that
you do able to sustain yourself.

[CaVO32]

If it helps you to realize the plans after writing them then why not. It's all about conditioning your mind just as it can motivate you in achieving what your mind can think of.

I have tried this when I was just starting into trading. But over time, I realize that the more I see my targets, the more pressured I become to hit it and the more I lose in the process. What I just did instead is to delete a set plan and just record any gains and loss I may have for the week, and just tally how I fared for the month. It's a lot easier to do and less stressful to follow, and you can be very flexible with your trading patterns as you are not restricted to a set amount of profit in a short span of time.

I wouldn't pressure myself harder too I have too little time to devote to my trading, I have to tend to my priority job too. If I have to write down my goal profit, it would be the amount I shouldn't lose. 

I believe, I have the same approach here. My minimum goal is not to lose the funds that I am initially using for trading. If I'll get profit from it, that would really be nice. As I can't also dedicate longer hours in trading, I just trade when I feel I am in good position to do so. So I really don't have monthly target on this aspect. Maybe, for those regular traders, they can set their target profits every month.

[Johnyz]

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

I did this before to easy monitor my activities in trading but since I’m losing money, I decided to increase my timeline and set my goal for a year of profit, so right now I’m using my excel recording everything. Having your target profit is trading is very helpful and will allow you not to become greedy because if you already hit your monthly target, you can stop trading for a while especially if you made it early than expected.

[Rengga Jati]

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

Not really writing down the amount to wish.
But the strategy, plans, and also everything depends on the portfolio that I make.
Sometimes, we have been thinking about certain strategies in our mind, but in fact, it may be changing because of certain market conditions that lead us to change the strategy. Although it may be seldom enough.
I am personally not a daily trader, but I have some targeted prices that I must take to take the profits in a short-term period. ANd the period will be different depending on when the price is reached.
Actually, writing down the strategy may really help us to analyze what we have been doing and probably can be evaluated. But so far, I am not doing it, only doing how much I have reached monthly in my portfolio 

[nelson4lov]

I tried it when I was starting but I discontinued that way because my goal sometimes does not become a reality plus plans don't seem to go as I want it to be and having a goal for a month gives me an underlying pressure that's making me subconsciously do stupid decisions along the way. I am much better now when I discontinued so yeah, no plans from going back.

So sorry to hear about your experience. If ever you still want to get involved in trading, I would suggest you start with a small but achievable plan ~ one that is realistic and feasible to achieve. They work on achieving the plan within a considerable amount of time. I've been here before, where we set up these big plans and expectations along with high hopes. It's denting to have all these plans and expectations and they fail to achieve them at the end of the day. I learnt that and started focusing on small and achievable plans. You should try to do the same.

[Yamifoud]

Honestly, I didn't try this one but might have a plan to do the same in the order I was also guided. Because what I do for now is to only focus on how to earn a profit without any set amount target to reach like in a month or weekly target.
But I think this kind of strategy to pen down the target amount will be able to motivate and encourage you more. Well, that gonna be a pressure especially when you put on a big number but I think this will have a huge impact on how you treated yourself.

[Scripture]

At first i do record my every trades but later on I realized that its too hassle so I stop it and just focus on the whole amount of my portfolio versus my capital so by this, I can easily know my total profit. Though monthly target is still there but there’s no pressure at all because I have my target profit at no specific time, I give myself enough time to work on it until I achieve my goal.

[kawetsriyanto]

Though monthly target is still there but there’s no pressure at all because I have my target profit at no specific time

That should be no pressure to take how many profits you get weekly. In this way, we can plan our trading with flexible options and no hurry to take profits. If we set a certain target monthly and it should be achieved before the month ends, this leads us to do panicking selling. I assume if someone trade with this way, he will be too stressed and probably not survive a long time in trading.

[CryptopreneurBrainboss]

-Have you ever tried out this strategy of writing down the amount you wish to make trading every month? If yes, please share your experience.

Writing down our plans is the best way to stay motivated the achieve them because you'll constantly see than and won't forget you have set such plans especially if you're the type that always have different goals you set for yourself. It has been proven that those who write down their goals has a higher chances of achieving it.

If you doubt this and then try it out, write down the goals you which to achieve and it should be somewhere you'll see those goals and work towards them. By the end of the month, you'll see you have achieve even more than the goals you had set for yourself unlike when you didn't write down the goals but just imagine them in your head. The act of writing is an action which motivates you to take action on achieving your goals.

I'm the type that always write down the goals I intend to achieve just as I also did on the forum here; Welcome to 2020, Lets set the goals to achieve this year, therefore that of trading has always been a habit, I don't just write down the goals I want to achieve but the maximum capital I intend risking to achieve this profit, I also do this for investment as well.

[adaseb]

Trading is one of the only professions where you can't set targets, because its not in your control, its up to the markets control. Trading is not like sales where you set a daily or weekly target of how many sales to get. Your trading performance matters how the market is doing during that time period.

In a strong bull market like in March-April of 2021 it was very EASY making money. When the market was trading sideways like for the last few months, there were less opportunities and it was more difficult.

Setting targets will only lead to losses as you will be forced to take trades that aren't there.

[Wexnident]

I actually don't. Probably the only target I ever set for myself is to never go into negative, or never lose out too much every month. I'm pretty satisfied with having close to zero profit, as long as I don't lose out much every month, and any profit is pretty much just a bonus since if I start thinking of profits instead of making evens, I'd think that I'd lose out way too much due to the possible greed that would come out. The market was way too volatile when I traded back then and my first few months were filled with a bunch of big wins together with big losses. It really stressed me out to the max since I always looked for the maximum profits that I could get, so I just stopped at some point.

[Fesatmas]

I appreciate what you are trying to do to structure the trades and have a detailed timeline. When and how long does it take for a month to take advantage of every day/week and every month.
But back to strategy mastery, trading analysis that must be mastered first, so that what you are targeting each month has a profit-taking distance with a percentage that is close to accuracy.

For me, because I'm not that type of person, then I prefer to hold long term above one month for various reasons, including lack of technical mastery of trading analysis, and the possibility that as a holder I don't put too much pressure on my mind. when I monitor the price all the time.