Next 6 months- become profitable
Next 12 months- make trading like second nature
Realistically I want to be able to make $100k a year from trading and still be able to receive a proper paycheck from my construction company and grow the business. Luckily I don't work a full 8 hours a day to run my small business. So I spend my free time in the morning learning to trade and becoming a better trader to achieve my goal.
Do i think about not working and just trading ? Hell yea !! If I can make $250k a year trading 2-3 hrs a day I would probably sell my business or hire someone to do my job and spend my free time doing more for my family.
If long-term growth is the strategic goal then from a tactical perspective it'd look something like the following:
Identify what an 'ideal disciplined and profitable trader' looks like
What are they highly skilled at? What are their personal qualities? What does their routine look like? What's their mindset like? How do they deal with problems? Etc.
This will help me lay out a vision for who I need to become, or the next destination in my journey - however you want to view it.
Then I need to determine my starting point
Who am I as a trader? what are my qualities? how is my routine? what is my mindset like?
This sounds easy but being able to determine who you truly are, is quite tough. We all like to see ourselves as being better than we are, and improving from who we think we are is not the same as improving from who we actually are.
Once I've defined what my starting point is and where the next point of my destination is, come up with a plan on what I need to work on and what the priorities are.
Then you get into the details on each of those areas of focus to improve, or specifically how you will address those 'gaps'.
Ex, if ideal trader takes every trade without thinking about what his/her last trade was, and I currently have the last few trades in the back of my mind affecting my decision, I need to figure out 'why' that is the case, and what course of action I can take to improve it.
Everything I've just mentioned should be completed without short-term profits in mind. Meaning I'm not looking to make a living out of trading while I'm in this journey, and it shouldn't matter if I made $500 or lost $500 today, as long as I'm making progress on my plan above. Knowing that as I get closer to the destination, the profits will be a result of the journey.
I'm a kind of guy who writes a bunch of stuff on a white board to get my message across, so just using words isn't as effective.So I hope that makes sense!
Yesterday's excellence is today's standard and tomorrow's mediocrity
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How did I overlook this journal? I am now making a long march through it, and I think I will try to incorporate some of the things you are doing into my journal, to improve it. I like the way, for instance, you publicly state your goals in the journal and grade your trades.
Anyway, your overall approach is solid.
Last edited by suko; October 23rd, 2016 at 06:02 PM.
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As for numerical targets, such as a million dollars.
Scott Adams said the other day that, as a result of his airing his views on the persuasion tactics the candidates have been using in the election, he has lost a million bucks this year, in lost bookings, etc.
"I don't care," Scott says, "It's the system, not the goal, remember? If I lose a million bucks I am demoralized, but every day I work my system well I am a winner."
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I feel I was misunderstood or misspoke. I totally respect the work traders put in to make the kind of returns they make. I apologize if this is how I came across.
I meant that If I can make more money trading a couple of hours a day and not having to deal with clients, then trading full time would be something I would be interested in. This thread is about goals. So, in order for me to leave my current career behind I would have to make more $$$ trading than I do from my current career.