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It seems like a simple question but after a discussion with another trader it seems that we may all have different motivations.
I was surprised when he stated that he was happy with his performance even if he underperformed a simple index. He also said that making a ton of money was contrary to his beliefs. When I suggested an index fund as an alternative he said it was too boring.
Years ago after reading Carters "Mastering the Trade" I copied his template for a trading plan. The first heading on the plan is “Why am I trading again this year”. I’ll have to admit that I didn’t review my entire plan this year, I have the operational part on my desk and things have been going as per plan. After suggesting that another trader step back and take a look at his goals I thought I had better review my own.
I was actually surprised at what I had written in 2013.
Objectives were easily met in 2013 and we’re still working on it for 2014. Still have 4 months to go.
The question I have for other traders is do you know why you are trading and do you have specific measurable goals?
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Can you help answer these questions from other members on NexusFi?
Initially when I started out in trading it was about MONEY. It still is, but now it's more about the challenge of trading, learning myself (have that figured out) and working through the puzzle of everything. Trading is stimulating and not boring. Everyday is different and that's what I love about it. I have measurable goals, but right now it's not on money it's focused on process. Working slowly thru it, I can see a twinkle of light, but still a long way to go for me until I'm trading how I want to trade.
I originally started on this journey because I loved doing analysis and studying behavior. I also saw it as a way to avoid becoming a cubicle monkey for the rest of my life.
It has since evolved into something much more valuable and personally significant than that. I'm trading because I want zen level mastery of my emotions, especially during times of complete uncertainty. You see I have been a very passive-aggressive person all my life. I never took risks and in many cases this has led to major regret.
Trading has forced me to re-wire how my mind works ..... for the better. I feel like a lot has come into alignment for me to be very successful at this. I won't lie though, others' doubts about what I've been working on for the last four years also feeds my hunger. Especially when it comes to the person who started me off with the capital. "It can't be done" is what he told me and has remained dismissive ever since.
In Market Wizards Ed Seycota said “Everybody gets what they want out of the market”. I guess it helps to know what you want. How many of us have really given it any thought?
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
