Trading Goals - You Gotta Have Them!

by Terry T.T. Leslie

Johann Wolfgang von Goethe once said, "Treat a man as he is and he will remain so. Treat a man the way he can be and should be, and he will become as he can be and should be." This from an 18th century leader who influenced music, drama, poetry and (way of thinking/related to learning about how people think) and whose focus on (related to things slowly changing for the better over time) ideas even motivated/brought about Charles Darwin...obviously Goethe was someone who set high expectations of himself and those around him!

As a trader, you should wake up every morning thinking like Goethe. Expect amazing results from yourself and you will get them, but only if you have taken the time to lay out exactly what you expect of your trades, and are clear about what level of performance you will (and won't) accept. Setting clear and specific goals is maybe the most important thing you can do to insure a high level of trading performance.

Everyone wants, and needs, to clearly understand how they will know if their work has been a success. Otherwise, what's the point? If you don't carefully layout your (related to managing money) goals, what (desire to do something/reason for doing something) do you have to put forward the day-to-day efforts that are needed/demanded of your role?

You've no doubt heard that goals should be S.M.A.R.T.:

oSpecific

oMeasurable

oAttainable

oRealistic

oTimely

When creating goals, type them up on your computer so you can easily update them. Do not put (not possible and reasonable) deadlines on your goals and dreams. Some of your goals might be (happening now) with no deadline; other simple type goals will have deadlines. For example, the goal of having a home on a lake might take some years to (accomplish or gain with effort), but can begin with the goal of becoming a successful day trader.

Then, create daily tasks to get you started on your overall goals. A daily plan of attack helps you work your plan every single day. Focus and review each day to make sure you went forward.

But it's not that simple. The key to (accomplishing or gaining with effort) your goals is taking your time and being careful to do all that is necessary to get to the result.

Most importantly: Never give up! Where there is a will, there's a way!