This is kinda more like a project that I wanted to start earlier, but will do it just now. When I started to post gold ideas I named them 500oz swing.. I do it now too and that was the idea behind actual swing trading.
The thing is that I am bad at projecting long term targets nor I like to hold trades longer than one day. What I wanted was to make a daily profit target and close the chart. Everything more than that is Greed.
So what I would like to do is give swing trades on Gold with the profit target, every day one trade! My daly goal at starting point is to make 2k profit each day. Once I made the 2k, I close the chart and go out for the rest of the day! Second day again the same. Then at some point set higher target let's say 3k as account grows.
You can set your profit target for these trades. This will make us more disciplined, and fade out the greed. Let's say I have trade running.. It is already 2k in profit, but hell no, I won't close it.. maybe it goes more, and I get more! This is Greed. So I set the plan, and try to make the plan, once I make it, I go out in fresh air!
Let's see how it works out. We will work only with transitions and wave 6 and wave 5, and add other confirmations to it.
What is your leverage on open positions in order to achieved the 2k daily profit. This way we could have aligned trades notwithstanding the size of the positions we would have.
TheZabisyu
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I have 1:80.
I open 5 lot's to achieve the goal. Leverage doesn't matter to me.. lot size matters.
so 500 pips bring me 2-2,5k