Don't see this much around here.
Hope we can start a community here to share our trading goals and to motivate one another to achieve them.
These must be process oriented goals. Process oriented meaning that you have direct control over whether you achieve these goals or not and it is not dependent on the market. Some examples:
- I will stick to my risk management rules for all my trades this week.
- I will size all my trades appropriately.
- I will write out a detailed trading plan using my template before each day's trading session.
- I will sleep 7 hours each night.
- I will stop listening to music when trading.
etc.
Some NEGATIVE examples
- I will make $100 today: No you cannot actually control how much you make. That depends on the market.
- I will have a win rate of 70% this month: Again, that is not within your control. You can take the right actions but there is no guarantee.
- I will make two winning trades today: Again, not entirely within your control and does not necessary mean you are doing the right thing.
etc.
We could break them up into monthly, weekly, and even daily goals.
WHY should we bother?
Because what the market does is not within our control, but we can control our actions to achieve the best result in markets.
Because trading is a journey.
Because writing our goals down helps us achieve them.
Because trading is a lonely game and it would be great if we can support one another to get better at this.
Because we can be better tomorrow than today.
Because there is no end to this; no matter how good you are, there will be something you can do to improve on your trading.
Over time I hope we can find accountability partners from this thread and motivate one another to keep going. Also, it would be good platform for experience traders to coach one another. I firmly believe that no matter how good we are, we all need coaches to improve at this game.
December is non-trading month so here are mine for January.
January trading goals:
- Spend the entire January trading with 1/10 of my usual account size to ease myself back into trading after a long break.
- Write out a detailed trading plan before each trading session. The plan should include: the macro situation, any news bias, trend bias on various timeframes, key level and level biases, core trading strategy for the day (including entry locations, exit points for loss and profit taking), highlight exactly what will cause me to change my conviction from long to short or short to long, a reminder of entry principles, a review of key risk-management principles.
- Adopting helpful and positive remedies to stressful and negative situations. (i.e. after breaking a rule, or suffering an unintended loss, or suffering a larger than normal loss) instead of going on tilt.
It would be good if we could all come here and write reports of our goals perhaps at the end of each trading session OR at the end of each week or both.
So who else is with me?
Hope we can start a community here to share our trading goals and to motivate one another to achieve them.
These must be process oriented goals. Process oriented meaning that you have direct control over whether you achieve these goals or not and it is not dependent on the market. Some examples:
- I will stick to my risk management rules for all my trades this week.
- I will size all my trades appropriately.
- I will write out a detailed trading plan using my template before each day's trading session.
- I will sleep 7 hours each night.
- I will stop listening to music when trading.
etc.
Some NEGATIVE examples
- I will make $100 today: No you cannot actually control how much you make. That depends on the market.
- I will have a win rate of 70% this month: Again, that is not within your control. You can take the right actions but there is no guarantee.
- I will make two winning trades today: Again, not entirely within your control and does not necessary mean you are doing the right thing.
etc.
We could break them up into monthly, weekly, and even daily goals.
WHY should we bother?
Because what the market does is not within our control, but we can control our actions to achieve the best result in markets.
Because trading is a journey.
Because writing our goals down helps us achieve them.
Because trading is a lonely game and it would be great if we can support one another to get better at this.
Because we can be better tomorrow than today.
Because there is no end to this; no matter how good you are, there will be something you can do to improve on your trading.
Over time I hope we can find accountability partners from this thread and motivate one another to keep going. Also, it would be good platform for experience traders to coach one another. I firmly believe that no matter how good we are, we all need coaches to improve at this game.
December is non-trading month so here are mine for January.
January trading goals:
- Spend the entire January trading with 1/10 of my usual account size to ease myself back into trading after a long break.
- Write out a detailed trading plan before each trading session. The plan should include: the macro situation, any news bias, trend bias on various timeframes, key level and level biases, core trading strategy for the day (including entry locations, exit points for loss and profit taking), highlight exactly what will cause me to change my conviction from long to short or short to long, a reminder of entry principles, a review of key risk-management principles.
- Adopting helpful and positive remedies to stressful and negative situations. (i.e. after breaking a rule, or suffering an unintended loss, or suffering a larger than normal loss) instead of going on tilt.
It would be good if we could all come here and write reports of our goals perhaps at the end of each trading session OR at the end of each week or both.
So who else is with me?
Build good relationships with others.