Consider target as a monitoring tool of your success; however do not get caught up in making a specific amount of cash per week or month. It is important to monitor your trading performance, and in case the numbers fall under the red line, you will know that something needs to be fixed.

The problem with setting daily targets is high expectation, eagerness to trade and a possibility of overtrading in order to achieve the goal. A trader might consider taking marginal setups rather than waiting patiently for a profitable trade. After all, quality is what matters, not quantity.



Long term targets (such as quarter or annual) might be much more useful for a forex trader. This way the weekly and monthly target ranges can be integrated to ensure the longer period targets. Besides, keep in mind that even very good strategies can have bad months, let alone weeks and days! Without considering all the factors, you contribute to the increase of a failure rate.