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What are your goals in trading?
Started:October 11th, 2016 (05:08 PM) by Pariah Carey Views / Replies:1,246 / 35
Last Reply:December 3rd, 2016 (10:53 PM) Attachments:1

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What are your goals in trading?

Old October 23rd, 2016, 02:07 AM   #21 (permalink)
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emptymind View Post
Monetary: A million dollars.
Then I would take a much needed break, enjoy life a little, learn other stuff on the side besides trading.

Then after the break, I would fully optimize my trading plan again and get back to doing what I love=trading.
Continue to learn and adapt to the ever changing market, keep evolving, keep learning, keep pushing.

Any kind of time frame for accomplishing this?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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Old October 23rd, 2016, 02:36 AM   #22 (permalink)
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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.


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Old October 23rd, 2016, 03:28 PM   #23 (permalink)
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deaddog View Post
How are you planning to accomplish this goal?

If long-term growth is the strategic goal then from a tactical perspective it'd look something like the following:
  1. 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.
  2. 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.
    • A journal helps with this a lot, and is a big reason as to why I try to be as detailed with my journal as possible.
  3. 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.
  4. 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!

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Old October 23rd, 2016, 03:47 PM   #24 (permalink)
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Like this list, still with cheese but trading too. Or not, I have the cheese now so I'm done trading I guess.

I like cheese though.

Also I want to visit Boogies Burgers in Alberta Canada but Softsoap may be closer to that goal than I.

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Old October 23rd, 2016, 06:23 PM   #25 (permalink)
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Ceerock81 View Post
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.


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@Ceerock81, I hear what you're saying here, but trading is work. When you wake up as a trader, nothing is guaranteed. So you go to work to make a day's pay.

Just sayin'.

Good luck,

Michael

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Old October 23rd, 2016, 06:40 PM   #26 (permalink)
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SoftSoap View Post
[*]Identify what an 'ideal disciplined and profitable trader' looks like
[*]A journal helps with this a lot, and is a big reason as to why I try to be as detailed with my journal as possible.

Everything I've just mentioned should be completed without short-term profits in mind.

I hereby award you with the post-of-the-day.

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 07:02 PM.
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Old October 23rd, 2016, 07:00 PM   #27 (permalink)
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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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Old October 23rd, 2016, 07:01 PM   #28 (permalink)
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Indeed as @suko says very detailed @SoftSoap I never saw it before either.

Usually people who pay attention to and mark their charts do well.

I must stop posting when I'm really hungry. I had a cheeseburger in the end.

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Old October 23rd, 2016, 07:10 PM   #29 (permalink)
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michaelleemoore View Post
@Ceerock81, I hear what you're saying here, but trading is work. When you wake up as a trader, nothing is guaranteed. So you go to work to make a day's pay.

Just sayin'.

Good luck,

Michael


Thanks Michael

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.




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Old October 23rd, 2016, 08:02 PM   #30 (permalink)
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suko View Post
I hereby award you with the post-of-the-day.

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.

I appreciate the compliment!

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