Do you have a goal to be the best trader in the world?
Or to make enough money from your trading to buy a yacht?
It’s counterintuitive, but grandiose goals like these are signs of an amateur.
The best traders are setting goals that are far more acheivable.
I like to have traders set a range of goals:
- Conservative
- Moderate
- Radical
That way, you can set an ambitious goal for your radical one, but not be devastated if you miss it since you’ll have some modest goals you’re shooting for as well.
Of course trading is about making money, but it’s better to be process oriented rather than results oriented.
For example, instead of a goal to make $X dollars this year, set a goal to get 3 new strategies trading live.
Or backtest Y new ideas.
The results (profits) will take care of themselves if you improve your process.
-Dave
