2014 New Years Resolutions - Psychology and Money Management | futures io social day trading
futures io futures trading


2014 New Years Resolutions
Updated: Views / Replies:1,904 / 16
Created: by PandaWarrior Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

2014 New Years Resolutions

  #1 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

2014 New Years Resolutions

I thought I might start a little thread here in the psychology area as this topic is of most interest to those who think about and plan for the future.

While its titled New Years Resolution, it might more appropriately be titled "Q4 Wrap Up and 2014 Planning and Projections" or some other such fancy corporate name.

Back in my corporate America job, we did quarterly as well as year end planning. I also did it on a personal basis from more of a life plan perspective.

I've done this off and on for 20 years now and can say that it has been of enormous benefit to me and my family. Most of my major milestones have come as a result of this type of review and forward planning. So I was curious if others have and what they might be doing this coming year.

So what I'd like to do here is see if people will participate with the answers to the following questions;

1. Do you do any kind of formal written year end review?
2. Do you do any formal written forward projections and goal setting?
3. Do you lay out action plans for those goals and projections? Step by step or are they more of just big picture items
4. What tools do you use to accomplish these activities/
5. Do you use the concept of a retreat/working vacation to work on this stuff? If so, what/where/how does this look for you and your family?
6. How long have you been doing this?
7. Has it been of any benefit? If yes, tell us a brief story about how it has helped.
8. Do you use a coach of any kind for this part of your professional life? If yes, who are they and was it/is it worth it?
9 Do you want a coach but cant find one/cant afford one?
10. What if anything are you going to do different with regards to your year end review and forward planning process?

I'm really interested to hear what others have and are doing. Hopefully there will be some great takeaways from the discussion.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Reply With Quote
The following 15 users say Thank You to PandaWarrior for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received


1. Do you do any kind of formal written year end review?

Yes, I have been doing this since tenth grade. As the year winds down, itís a great time to cast fresh eyes on goals.

2. Do you do any formal written forward projections and goal setting?

Yes.

3. Do you lay out action plans for those goals and projections? Step by step or are they more of just big picture items


4. What tools do you use to accomplish these activities?

A few documents like tax files, last years notes, a planner to get organized (digital, iPad recently).

5. Do you use the concept of a retreat/working vacation to work on this stuff? If so, what/where/how does this look for you and your family?

No. It is done in bits and pieces in normal life.

6. How long have you been doing this?

See Q1

7. Has it been of any benefit? If yes, tell us a brief story about how it has helped.

Not as much as I anticipated. Outliers and extempore opportunities act faster as mobilizers.

8. Do you use a coach of any kind for this part of your professional life? If yes, who are they and was it/is it worth it?

No.

9 Do you want a coach but cant find one/cant afford one?

No.

10. What if anything are you going to do different with regards to your year end review and forward planning process?

Nothing really. It works till it doesn't and I know when that has happened at which point I move on.

Reply With Quote
The following user says Thank You to iqgod for this post:
 
  #4 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

Looks like lots of lookers but no posters.

Thanks @iqgod for your post.

@Big Mike, you can close this thread if there is no participation in the next day or two.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Reply With Quote
 
  #5 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Index
 
Posts: 3 since Sep 2013
Thanks: 0 given, 3 received

1. Do you do any kind of formal written year end review?
Yes

2. Do you do any formal written forward projections and goal setting?
Yes

3. Do you lay out action plans for those goals and projections? Step by step or are they more of just big picture items
Yes, follow Van Tharp guidelines, "Self-Discipline in 10 days: How To Go From Thinking to Doing by Theodore Bryant" 4 stages (Decision/Preparation/Action/Completion & Maintenance), John C Maxwell, Eckhart Tolle, Dalai Lama.

4. What tools do you use to accomplish these activities/
Record and monitor with excel, breakdown into groups and sub-tasks that serve purposes of higher level goals + monthly review + teachings of Eckhart Tolle, Dalai Lama to keep the mind on course.

5. Do you use the concept of a retreat/working vacation to work on this stuff? If so, what/where/how does this look for you and your family?
No vacation, but spend time alone 2/3 times per month thinking through ideas

6. How long have you been doing this?
3 years

7. Has it been of any benefit? If yes, tell us a brief story about how it has helped.
Yes, I have a clear roadmap of what are required to attain higher level goals. Help to filter / reduce unnecessary effort and time on things that do not serve higher level goals.

8. Do you use a coach of any kind for this part of your professional life? If yes, who are they and was it/is it worth it?
No coach. Books, videos, forums and communications with other people as source of learning and reflections

9 Do you want a coach but cant find one/cant afford one?
Yes I want, but believe the coach has to be someone who you trust unconditionally. Which is hard to find, maybe not available besides myself.

10. What if anything are you going to do different with regards to your year end review and forward planning process?
Have a coach or someone who is experienced in areas concern for advice

Reply With Quote
The following user says Thank You to garfieldalvin for this post:
 
  #6 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 470 given, 778 received


PandaWarrior View Post
1. Do you do any kind of formal written year end review?

Depends what you mean exactly, I don't write up a report of what I did, why and what I should have done, although I should because I've often wanted that sort of material from previous years to check for one reason or another.


PandaWarrior View Post
2. Do you do any formal written forward projections and goal setting?

Yes, I have a 7 Habits calendar with forms specifically for describing roles and goals and fitting them into each day / week / month.


PandaWarrior View Post
3. Do you lay out action plans for those goals and projections? Step by step or are they more of just big picture items

I come from the software industry where time projections are notoriously unreliable, so I tend to work out the steps involved but only schedule the first.


PandaWarrior View Post
4. What tools do you use to accomplish these activities/

A 7 Habits calendar / diary from Franklin Covey which allows for implementation of Stephen Covey's 7 Habits principles and actions. They also have an online version but I don't have a smartphone so it wouldn't be worth it (need to carry it around).


PandaWarrior View Post
5. Do you use the concept of a retreat/working vacation to work on this stuff? If so, what/where/how does this look for you and your family?

In an ideal world that would be so. In an ideal world my partner would use the same tools that I do and we'd be able to help each other and it would make perfect sense to take a long weekend break without the kids to do so. That though is massive pie-in-the-sky (item to work on ).


PandaWarrior View Post
6. How long have you been doing this?

I did it for a couple of years in the 1990s when I was single and it worked well, but I stopped when I went on a big backpacking trip and failed to pick it up. I did pick up eventually 3 years ago. The first year I hardly applied it, the second year was better but this year I haven't made much progress or so it seems - probably because I didn't do the necessary work at the end of last year


PandaWarrior View Post
7. Has it been of any benefit? If yes, tell us a brief story about how it has helped.

Now I'm writing this I have to admit I still haven't applied the method completely and this is not surprising since my main activity is trading and my main goal is to become profitable. There's no coach helping me on this (with 7 Habits or with trading) which kind of makes it harder. The 7 Habits stuff is for everything in life, not just work, and outside trading, it's been a great help in everything with prioritising. I've been able to keep tabs on everything I wanted to and I know the stuff that's fallen by the wayside just had to go - and I don't regret it because I planned it, unlike in previous years.


PandaWarrior View Post
8. Do you use a coach of any kind for this part of your professional life? If yes, who are they and was it/is it worth it?

No, wish I had.


PandaWarrior View Post
9 Do you want a coach but cant find one/cant afford one?

Yes exactly. I asked a guy to coach me in my trading once this year but was declined.


PandaWarrior View Post
10. What if anything are you going to do different with regards to your year end review and forward planning process?

I need a different approach to planning for trading. At the moment, I do it a bit like politicians plan for power - they don't, they just try to get elected. I try to get profitable. This is influenced by my friends and family although I try to deny it, I can't. They ask, when will you make money? And I always fall into the trap of trying to answer them. It's more like hiking up a great mountain, all the time all I can see is the brow of the hill up ahead, but I have no way of knowing if it's the top. I get over the brow, and no, it's not the top, there's a lake or a meadow to cross and another slope up. Each time I get higher, but each time there is more to climb. It puts the doubt in my mind that this mountain might be infinitely high.

If it was easy to plan to trade profitably, it would have been written down and posted on the net and everyone who could be bothered to do the work would be a profitable trader. In my opinion of people, 50% of us are always willing to do the work, but the fact is that only 10% of us can be profitable traders. So the problem is, I don't know beyond the next step what I have to do to be profitable. All I can do is take the next step and see what happens, and if I fail, then the step after will come from that.

The key is probably to plan the next step really, really well. Not to waste too much time and money on it, to come up with a great way of measuring success or failure at it - simply 'trading profitably' is way too undefined - it has to be a test.

This is a great idea for a thread, Panda - don't stop it. It's made me think in ways I should have been thinking 3 years ago. Thank you very much for coming up with it.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Reply With Quote
The following 4 users say Thank You to Adamus for this post:
 
  #7 (permalink)
Banned: Rude behavior, working against community
san diego
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: ES
 
welly192's Avatar
 
Posts: 741 since Mar 2012
Thanks: 359 given, 4,660 received

What a great post

1. Do you do any kind of formal written year end review?
Yes- I review daily - Weekly - Monthly and will have an overall yearly review of where
I stand today compared to a year ago.

2. Do you do any formal written forward projections and goal setting?
Over a year ago I set up a project plan with assumptions made at the time- I revised this plan
to more of a task list- as I learned from my mistakes and required a change of course.

3. Do you lay out action plans for those goals and projections? Step by step or are they more of
just big picture items

I have both- The goal is to include that these steps by step tasks are in-line with my big picture strategy.
Each day I review my performance against my strategy and measure my performance -
Not by profit but if I have followed my method.

4. What tools do you use to accomplish these activities/
I mark up my charts with my comments- I use Ninjatrader stats- I transfer my charts to Ipad and review
for weekly reviews.

5. Do you use the concept of a retreat/working vacation to work on this stuff? If so, what/where/how does this
look for you and your family?
Yes Every year about this time we usually take off somewhere nice and different to a timeshare.
Gives a new perspective and talk about strategic goals for the upcoming year ahead.

6. How long have you been doing this?
I started in 1991.

7. Has it been of any benefit? If yes, tell us a brief story about how it has helped.
Huge benefit- I started this as a lark- Somehow I got sucked into a seminar Mark Victor Hansen
was doing. He was really entertaining and suggested doing exactly what you listed.
I thought 'What the hell'. I remember like it was yesterday I was making $32k a year and barely making it.

I said Ok I want to make 50k. The company I was working for was having hard times and massive layoffs
so there was no way I was going to get that kind of increase from my job. Out of the blue I got a call -
I was recommended and refferred by one of the employees I had supported and had moved to a new company.

The job was for an IT manager position- I was not a manager at the time and fairly new to my career.
I got the job - and I got my 50k. Ok- That's fine anecdotal maybe.

Literally this was months after that seminar. So I thuught hmmm-- That worked pretty well I want 65k.
I went through this exact process with my new job- Strategic goals - communicated to management and
this was a startup company btw. Within the next 6 months I got a raise - a bonus and stock options. Blew oast that goal.

Around this time in my career I met Dr Bruce Nelson ( author of RPC spec) and he became a mentor for
me which was pretty awesome. Next thing I know the film crew is out and I am on CNBC as an expert on client
server technology. What this is crazy?

Following year I thought why not go for 100k. Another large raise- another round of stock options.
Turns out there was a small company named Corning interested in purchasing our little company.
You can see where this is going.. I made my goal and figured how long can this continue?

Well it did- Corning decided this business was not for them and they sold off their share to our
competition at the time. We were once again a startup. After a brutal re-org - New management
we started all over again. At the height before the tech bubble my new stock options were maturing
every month worth over 10k /month. Those were the days! 1 very small change made this huge difference in my life.

8. Do you use a coach of any kind for this part of your professional life?
If yes, who are they and was it/is it worth it?

Part of my learning to trade project plan had goals but the goals did not take into account what I didn't know
and mental mistakes- and I was making the same mistakes over and over. Finally I hired a shrink
It was expensive but worth every penny.

9 Do you want a coach but cant find one/cant afford one?
I have a friend/ coach and we review progress bi-weekly now. It has been a huge benefit.
Kind of a mastermind relationship.

10. What if anything are you going to do different with regards to your year end review
and forward planning process?

I feel I am just starting my trading career. I am a bit behind my original schedule but in this case I didn't
know what I didn't know. My goal this year is to increase contract size 10x and to give a significant portion
of profit to a local cancer clinic.

Thank you for starting this thread.


Last edited by welly192; December 14th, 2013 at 07:58 PM.
Reply With Quote
The following 5 users say Thank You to welly192 for this post:
 
  #8 (permalink)
Banned: Rude behavior, working against community
san diego
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: ES
 
welly192's Avatar
 
Posts: 741 since Mar 2012
Thanks: 359 given, 4,660 received

Video I thought was decent

Although I am not a huge fan of Tony
I liked this video - the small steps and action leading to bigger change.

Interview with Frank Kern and John Reese - Tony Robbins Blog


Last edited by welly192; December 14th, 2013 at 03:14 PM.
Reply With Quote
The following 2 users say Thank You to welly192 for this post:
 
  #9 (permalink)
Banned: Rude behavior, working against community
san diego
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: ES
 
welly192's Avatar
 
Posts: 741 since Mar 2012
Thanks: 359 given, 4,660 received

This stuff is great

Example of one of my favorite mentors.
My boss had what looked like an alter in his kitchen- a fancy tall stand next to the serving bar.
On this stand was a dictionary. Each day he would open a random page select a word and use and learn it.

Reminding him to do the same thing for the day- Learn something new- Improve something - get a new customer etc.

No surprise he was CEO and something that stuck with me.

Reply With Quote
 
  #10 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received


At the moment, having just turned 55, I am working on a five-year plan. Where do I want to be when I reach 60? Kevin Kelly (or somebody) once said that nothing worthwhile can be accomplished in less than 5 years. This has more or less proven true for me. One year is too short.

Reply With Quote

Reply



futures io > > > 2014 New Years Resolutions

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
CME Fee changes 2014, significant impact Big Mike Reviews of Brokers and Data Feeds 221 April 13th, 2015 04:50 PM
A Market Outlook For 2014 And Beyond: A Behaviorist's Perspective Quick Summary News and Current Events 0 November 9th, 2013 06:40 PM
'Fiscal Cliff' Impact Could Stretch in 2014: BofA CEO Quick Summary News and Current Events 0 December 4th, 2012 09:10 AM
Fed Will Have to Raise Rates Before Late 2014: Survey Quick Summary News and Current Events 0 March 19th, 2012 08:10 AM
Fed Expects to Keep Rates Low through at Least 2014 Quick Summary News and Current Events 0 January 25th, 2012 01:50 PM


All times are GMT -4. The time now is 05:25 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.20 seconds with 19 queries on phoenix via your IP 54.92.194.75