Setting goals provides direction to the trader. To quote Tom Copeland "You've removed most of the roadblocks to success when you've learned the difference between motion and direction." Envisage a mouse on a treadmill here – don’t be the mouse. With a series of goals traders have something on which to focus and direct their energies. We can see the forest despite the trees! Focus in turn leads to more productive actions, and less wasted time and energy.
Motivation
To start ask yourself “where do I want to be?” and “what motivates me?” Write these down in your journal. Motivation and goals go hand in hand. Motivation is the engine, and goals are the destination. You must look at what motivation is necessary to get me through the tough times? Be honest with yourself at some level trad-ers are attracted to this game because of the money you can earn. But, I have found that money alone is an insufficient motive. All good traders I know LOVE the game for itself. The fact that we get paid for it is merely a bonus. This love for the game is incorporated into the vision we want to achieve as a result of our trading and that vision is the oomph that gets us through the tough times. It goes without saying that for successful traders, trading is fun!
Motivation cannot exist without goals, and goals cannot exist without motivation. Each loses meaning without the other.
Only then do we consider how we are going to get there. Setting goals also decreases anxieties, because we have a better idea of where we want to be. As we start achieving our goals, we develop self-trust, self-confidence and a positive attitude. All es-sential traits for trading success, you see how important your daily journal is in both gauging and attaining your goals.
In order to generate trading goals:
Why do they fail? Most traders do not respect money!
Why do traders always talk in gross numbers?
Why do many traders struggle to buy a RM7.99 cent Big Mac yet be oblivious to losing hundreds and thousands of dollars?
Most traders over-look the psychological and money management disciplines and seem fixated by the trading methodology. They count their chickens before they hatch so to speak! Why – because it is easy to do and that is the way society shapes us – everything is a punt, the horses, the lotto, Las Vegas, the stock market mania and you can even go as far as marriages and families nowadays. Everything is a video game! You can’t turn off the screen and start again – this is real! Think “Survivor” NOT “Who wants to be a Millionaire?”
You see what you are up against – stick to your journal & your goals belligerently and stick with your trading mates. There is a huge difference between a trader and a gambler – you don’t want to be at a meeting greeting one another with “ High I am turbo and I am a trader” “My addictions are…………”
Motivation
To start ask yourself “where do I want to be?” and “what motivates me?” Write these down in your journal. Motivation and goals go hand in hand. Motivation is the engine, and goals are the destination. You must look at what motivation is necessary to get me through the tough times? Be honest with yourself at some level trad-ers are attracted to this game because of the money you can earn. But, I have found that money alone is an insufficient motive. All good traders I know LOVE the game for itself. The fact that we get paid for it is merely a bonus. This love for the game is incorporated into the vision we want to achieve as a result of our trading and that vision is the oomph that gets us through the tough times. It goes without saying that for successful traders, trading is fun!
Motivation cannot exist without goals, and goals cannot exist without motivation. Each loses meaning without the other.
Only then do we consider how we are going to get there. Setting goals also decreases anxieties, because we have a better idea of where we want to be. As we start achieving our goals, we develop self-trust, self-confidence and a positive attitude. All es-sential traits for trading success, you see how important your daily journal is in both gauging and attaining your goals.
In order to generate trading goals:
- Think first about the motivations you listed in your journal. As Neal says in the Tricks of the Floor Trader, "you can-not master the market until you master yourself"
- Think about what you need to do to achieve your ultimate aim
- Consider what is stopping you achieving your aims.
- What price will you have to pay to achieve these goals?
- Are you willing to pay that price?
Why do they fail? Most traders do not respect money!
Why do traders always talk in gross numbers?
Why do many traders struggle to buy a RM7.99 cent Big Mac yet be oblivious to losing hundreds and thousands of dollars?
Most traders over-look the psychological and money management disciplines and seem fixated by the trading methodology. They count their chickens before they hatch so to speak! Why – because it is easy to do and that is the way society shapes us – everything is a punt, the horses, the lotto, Las Vegas, the stock market mania and you can even go as far as marriages and families nowadays. Everything is a video game! You can’t turn off the screen and start again – this is real! Think “Survivor” NOT “Who wants to be a Millionaire?”
You see what you are up against – stick to your journal & your goals belligerently and stick with your trading mates. There is a huge difference between a trader and a gambler – you don’t want to be at a meeting greeting one another with “ High I am turbo and I am a trader” “My addictions are…………”
No comments:
Post a Comment