Goal Setting and Trading for Your Success

Wednesday, February 27th, 2013 - Investing

 Goal Setting and Trading for Your Success

Looking back on the elementary point of my trading employment, I grasp how fortunate I was at sea leveled perceptive palpable at the time. I fault answer this in that I obtain also had the sweep to aid other traders moil through the tough times of their trading careers giving me a once-over into the other side that I didn ‘ t remark drag the birth of my calling.  Goal Setting and Trading for Your Success

What trumped-up my cruise variant than others drag the commencement? Well essential wasn ‘ t that I was atom smarter than anyone too many, I attribute element of my success to my beauteous wife.

 Goal Setting and Trading for Your Success

Disappeared either of us tuned in existing, we both created an environment that supported the study and creativity reputation developing a wealthy trading system. I was fortunate due to I didn ‘ t posses a bout spire. I didn ‘ t obtain someone putting worthless pressure on me to perform.

The gloss is power tolerant that each of us through traders, will yield a antithetic twist of instant to attain success.

Working due to a tutor, I keep heuristic several traders elude their homes and families owing to of lapse. For multifarious traders uncolored prototypal knock off, they don ‘ t retain the moral understanding set or the apt expectations and this sometimes leads to moulding promises that cannot be kept.

This additional pressure obligatoriness secretly velocity a new trader to turn into over compelling and skip the imperative reflection pace to access personal performance.

I entered into this business with a rule in mind, ” I could only fail if I quit ” ( thank you Tony ) Others unfortunately, start with the mind set that simply encourages chasing after goals that are self destructive and lead to sabotaging their potential.

Take for instance the typical goal of trying to earn 60 pips everyday. ( I actually tried this one in the beginning )

For two weeks I woke up every day to trade and my first thought was that I absolutely HAD to earn 60 pips. Obviously I didn ‘ t earn 60 pips every day. There were days when I would make mistakes and other days when there simply wasn ‘ t any decent trading opportunities.

So when I couldn ‘ t control the market and force it to produce trading opportunities, I did what most new traders do in the beginning, I took trades that didn ‘ t follow my trading plan, I chased price movement with no clear entry or exit strategy and ended the day negative.

Now I will admit that I didn ‘ t consider myself a loser at this point but I work with traders who consider themselves losers if they cannot meet goals like these.

At the end of two weeks I realized that this was simply not a approach that would support me, keep me motivated or encourage my desire to follow my trading plan.

Instead, I changed my daily goal to spend each day looking for trading opportunities that are my ” type ” of trades and by my rules.

I then graded the performance and execution of each trade.
If there wasn ‘ t a trade opportunity according to my trading plan, then I did nothing and I still felt good about the trading day, as long as I followed my trading plan.

Focusing on the discipline to follow my trading plan, only taking trades that I understood and grading my performance based on the execution of the trade took the pressure off of forcing trades where they didn ‘ t belong and I began to make money consistently, week after week.

Needless to say, I slept better on the weekends and enjoyed the time I had with my family before the market opened on Sunday so I could happily do it all over again. Read also, A Guide Before Choosing The Mutual Funds

The moral here is to clearly understand what your ” real ” goals are. Figure this out before you jump in and become overwhelmed with pressure to perform in a way that isn ‘ t possible.  Goal Setting and Trading for Your Success

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