This is an example of why it is so important to my calculations to try to be as accurate as possible in determining my trading days for the upcoming month in advance.
I literally just found out I will not be trading on Tuesday, 18-November. So, I've removed it from the spreadsheet, and let it recalculate. The results are below - the newly updated goals for tomorrow.
Had I known this ahead of time, the goals would have been different for the first three days of the month, to compensate for the "loss" that not trading on this day will result in.
Daily goals for 6-November:
1) $47.07 - Need this to be on target for MTD. After today, MTD goal is $167.60, minus the $120.53 banked so far leaves $47.07. When this target is lower than the next one (total left to go for the month, divided by days left to trade), it is an indication that I'm ahead of pace so far.
2) $42.33 - The remaining target for the month ($507.97), divided by the remaining trading days (12).
3) $47.14 - The usual 2.5% of my starting monthly balance.
November is a very unusual month. I normally average around 20 trading days each month. With the Thanksgiving holiday and some business travel I'm planning on doing that will prevent me from trading, I only have 15 days, or 3/4 of the amount of days I normally have to make my goal. That puts a little more pressure on me - higher targets = higher lot sizes = higher risk.
To be adjusted after the results of the overnight trades are calculated.
I literally just found out I will not be trading on Tuesday, 18-November. So, I've removed it from the spreadsheet, and let it recalculate. The results are below - the newly updated goals for tomorrow.
Had I known this ahead of time, the goals would have been different for the first three days of the month, to compensate for the "loss" that not trading on this day will result in.
Daily goals for 6-November:
1) $47.07 - Need this to be on target for MTD. After today, MTD goal is $167.60, minus the $120.53 banked so far leaves $47.07. When this target is lower than the next one (total left to go for the month, divided by days left to trade), it is an indication that I'm ahead of pace so far.
2) $42.33 - The remaining target for the month ($507.97), divided by the remaining trading days (12).
3) $47.14 - The usual 2.5% of my starting monthly balance.
November is a very unusual month. I normally average around 20 trading days each month. With the Thanksgiving holiday and some business travel I'm planning on doing that will prevent me from trading, I only have 15 days, or 3/4 of the amount of days I normally have to make my goal. That puts a little more pressure on me - higher targets = higher lot sizes = higher risk.
To be adjusted after the results of the overnight trades are calculated.