Jun

8

Taxi DriverSome NYC taxi drivers work a predetermined number of hours each day; some work until they have made a predetermined amount of money and then quit for the day. Camerer et al.

I knew many new traders at the exchange who would set goals on the order of making $200 a day or whatever, and if they made that, they were finished for the day. Since their losing days were more frequent than their winning days, most did not last very long. The ones who did last tended to keep market hours, worked on pressing their winnings (if losing, learning in the process), and minimizing their losses. Absolute goals on the upside might be a bad thing for a trader to use. Keep the losses to a minimum, play a good defense, and the winners will take care of the losses. Since trading is not an exact science, why would someone set exact goals on the upside to meet?


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