Personally, I see a huge benefit in having a daily profit target. It gives the trader a goal to work too. A clear signal when too quit. It can also work well too set a range of levels, like have a few targets in mind kinda like a bronze, silver, and gold. Creating a range of goals can help as some people experience high stress around the goal line. The more trades you place then the more beneficial the profit target is for the reasons I shared earlier. A trader who is going to place 1 trade and hold the trade until the close may be better off without a profit target.
If you ever play poker, you may find yourself or see another player just killing the action for a long time but eventually they lose everything they made. The body and brain says, "enough!" But, if your the type who can only quit when you lose then you must lose to quit. Your body will force yourself to lose everything.
It is for the same reason that I recommend a daily loss limit. A good trader could probably turn around 90% of losing days by just continuing to trade but there is going to be that 1 day that keeps going against you. It is going to be harder to trader after going through that and unpleasant all around.
There is another psychological facet that can wreck traders. For most people, it is easier to accept a small win then a small loss. So, a trader who is up a huge amount and starts to lose is more likely to have an "anchor bias" to their previous winnings and not want to take a loss -- even if they would have taken a loss earlier on. It is a good idea for the same reason to break the day up into a few sessions. After each session, take a break. During the break you may decide to call it a day or come back fresh. So you can get multiple days out of a single day.
