Trading Goals You Gotta Have Them!
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Johann Wolfgang von Goethe once said, “Treat a man as he is and he will remain so. Treat a man the way he can be and ought to be, and he will become as he can be and should be.” This from an 18th century leader who influenced music, drama, poetry and philosophy and whose focus on evolutionary ideas even inspired Charles Darwin, obviously Goethe was someone who set high expectations of himself and those around him!
As a trader, you should wake up every morning thinking like Goethe. Expect phenomenal results from yourself and you will receive them, but only if you have taken the time to lay out exactly what you expect of your trades, and are clear about what level of performance you will (and won’t) accept. Setting clear and specific goals is perhaps the most important thing you can do to insure a high level of trading performance.
Everyone wants, and needs, to clearly understand how they will know if their work has been a success. Otherwise, what’s the point? If you don’t carefully layout your financial goals, what motivation do you have to put forth the day-to-day efforts that are required of your role?
You’ve no doubt heard that goals should be S.M.A.R.T.:
-Specific
-Measurable
-Attainable
-Realistic
-Timely
When creating goals, type them up on your computer so you can easily update them. Do not put unrealistic deadlines on your goals and dreams. Some of your goals might be ongoing with no deadline; other simple type goals will have deadlines. For example, the goal of having a home on a lake might take some years to achieve, but can begin with the goal of becoming a successful day trader.
Then, create daily tasks to get you started on your overall objectives. A daily plan of attack helps you work your plan every single day. Focus and review each day to make sure you progressed.
But it’s not that simple. The key to achieving your goals is taking your time and being careful to do all that is necessary to get to the end result.
Most importantly: Never give up! Where there is a will, there’s a way!
In order to help keep yourself on track, it is vital that you take the time, regularly to check in on your goals, evaluate and update them, and do so in a way that is specifically tailored to what you want to gain from this experience. The more specific a goal is, the more tailored your actions will be when following up on it. Sure, everyone enters the market with the goal to make money. What kind of money, why, and what do you see yourself doing with it? What are your goals that have nothing to do with money? Do you want to develop enough discipline and a high enough skill level to work half days from your home office within the first five years? Why?
We tend to follow our plans and the roadmap to our goals more vigorously when we know exactly why we are doing something. Profit is nice. Having enough money to be able to spend more time with your family or devote some time to a good cause is a motivating factor that can inspire you to go through the process without specific attachment to any single plan.
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