In today’s webinar, we focused on goal creation which takes into account only the processes involved with trading. Effectively turning rules and abiding by specific rules into the main goals. There is a tendency to create empty, abstract goals when thinking about what a trader wants to achieve. Being very specific about the qualities which put you in position to take advantage of the opportunities you trade the best, forces you to be accountable for the details which matter most.
The goal of making certain amounts of money over specific periods of time was put to bed quickly today, and in my book, is a silly set of goals. After all, aren’t we always trying to make as much money as possible? Or at least as much as the market will allow at any given time. Markets ebb and flow from good periods of trading to not-so-good periods, sometimes they are conducive to our trading style, sometimes they aren’t. Creating profit goals can lead to frustration when the market doesn’t give us what we want. So, we should gravitate away from what we can’t control (the market) and towards what we can (how we conduct ourselves).
See video above for more about goal creation and helpful tips on how to achieve them…
---Written by Paul Robinson, Market Analyst
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