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On the other hand, if the goal is not large enough and meaningful enough, it has no genuine power to motivate us. We want to reach beyond ourselves but not beyond the possibilities. Goals must be realistic.
I have known traders who set themselves the unreasonable goal of supporting themselves and their families by day trading a $15,000 futures account. The first thing they lose is the $15,000. The second thing they lose is their self esteem. They have set themselves up for failure through inadequate preparation and capitalization. When setting a goal for trading, always ask yourself if it is realistic and achievable based on solid research and experience.
Clients often ask me about setting monetary goals for trading. First I ask if the monetary goal is realistically achievable in accordance with their knowledge and experience. Then I ask what they would need to be doing in order to achieve that monetary result.
What do you want? What will having that do for you? When you have a clear conception of what you want, and understand the powerful why of it, then you can begin to figure out the how of it. With a clear what, and a strong why, the hows become easier.
How will you get there? How else? And how else? Ask yourself the questions that will get you where you want to go. What do you already have, and what do you need to develop?
If you haven't already done so, set yourself seven goals for the rest of 07, and start thinking about 8 for 08. Set goals for trading and investing, as well as goals for all areas of your life.To be a successful investor and trader, you need to be balanced in the rest of your life.
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