I’m often asked whether a trader should set a daily $ target. For the most part, the answer is ‘No.’ Setting a money goal mean we are focusing on the money, and that is a slippery slope in a highly random environment. It’s much better to focus on your method.

If you do set a monetary trading goal, make it one that is achievable. It should correspond to your normal abilities. If focusing on your goal helps you trade in a more disciplined manner, that’s a good thing. Otherwise, simply focus on your method.