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What are your goals in trading?
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Created: by Pariah Carey Attachments:1

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What are your goals in trading?

  #41 (permalink)
Trading for Fun
Trading Experience: Intermediate
Platform: Sierra chart
Favorite Futures: Orange juice
Posts: 89 since Feb 2017
Thanks: 178 given, 38 received

Pariah Carey View Post
I just posted a response in the Time to give up thread and part of the response dealt with my goals in trading. Realizing it didn't quite fit for the topic of the thread, I redacted that part and decided it would be good to start a new thread on this topic. I've found a few threads on specific daily trading goals, but nothing on longer-term trading goals.

The short answer to this question, obviously, is to make money. But how much, and over what period of time? Most of us here work a non-trading job and dream of making trading our sole source of income, and building wealth through it.

But some may be content simply to trade part-time just as a supplement to their income, or maybe to meet a specific financial goal like paying off the house or saving for children's college tuition.

If you want to quit your job, do you want to do that in a year? Five years? Or is your trading more of a retirement plan where you're not in a big hurry to quit?

Do you think your goal is realistic? Have you taken a hard look at your returns, max drawdowns, and ability to replace the income you make now? How much will your standard of living increase in the coming years?

My goal is kind of a mixture of wanting to quit the day job and building a retirement fund. I'm pretty happy with my non-trading job (attorney working for myself) but I do dream of trading for a living. To do that would probably take five years. My trading system is longer-term with big drawdowns, so I think it will take me that long to build my account to where I can replace the money I make now. Although by then I could be making a lot more than I do now, and my standard of living will keep going up, so maybe seven years.

Currently I pay my assistant much more than I make as a trader, and honestly right now I could make more money cutting grass or working fast food than I do trading soybeans or gold. But in the next year or two that should change.

This a very broad topic. We are all in it to make money, just a matter of how much an how fast as you said. I don't trade to supplement my income. Neither do I do it so I can afford to quit my job, I'd get way too bored. I do it for fun. My goals if reached are 4X my account a yr. this yr I got lucky an did it in a month. an the sixth months I work a yr I do not trade or even look at markets. Knowing myself like I do I won't retire til someone piles 6' of dirt on me.

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  #42 (permalink)
Elite Member
Trading Experience: Advanced
Platform: nextview
Favorite Futures: stocks
Posts: 11 since Aug 2012
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Goals : Supplement my income so that I can afford to buy some luxury items/go for a decent holiday
Process : Been trading for more than 5 hours and I am not sure if I have already attained a good enough trading system but been making decent amount last year. Up over 50% last year. But I will like to share the link below, (Bigmike please remove if it is not approved) on the 5 stages of a trader. For all serious trader, you may have read it but do re-read them again and be honest with yourself on which stage that you are currently in.

Process is definitely more important for me. Made tonnes of losses on a low of small accounts and I cant emphasis much more on having a low VaR and good risk management system/low drawdownfor anyone who are serious about trading..Goals come after if you have a good system and is discipline enough to adhere to it!

Akin soccer in this aspect, champions usually have a good defensive record. It is not about how good your attack (how much profit you made), but how you play your defensive game


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