It's that time of the year where people start to set goals for themselves that they follow for a week or two and then give up... that's not you though!
When it comes to trading, setting goals can be a great tool if used correctly. First off what are so good reasonable goals traders can set for themselves?
First off and my favorite all time goal is, being consistent. I think this should be the #1 goal for all traders. The reason being is if you plan on making money in trading for a longer period of time there is one thing that is similar with all traders, that one thing is all about being consistent.
Now what does being consistent look like?
A few examples are as follows:
Taking the same trades day in, day out.
Following a set amount of rules.
Staying consistent with your contract amount.
Doing the required amount of market prep before each session.
With this list I could go on and on about things traders need to be consistent with, but deep down you know exactly what YOU need to be doing. This is the year you actually do it!
The most popular goal I see new and experienced traders make is the goal of making money. Now the reason I don't like this goal is due to a couple things. First off I think it is a "lazy" goal to make. When you say " I want to make x amount of dollars" what is your plan to make it happen? Second is, you can't make money long term by being inconsistent.
When you sit down to figure out your goals make sure you also come up with a plan of attack. What does being consistent to you look like and how are you going to make it happen?
If you write your goals down and the plan of attack is only a sentence or two then you're not really committed to making it happen. Take the time to really get into detail on how you are going to accomplish your goals. What do your goals look like in 2 weeks or 2 months or 2 quarters from now? Are your goals going to evolve throughout the year?
It is my firm belief that your goals should evolve throughout the year, what does the next level of being consistent look like? Then write a plan for that next level and so on.
I also believe in finding someone to help keep you accountable, whether it be with another Gorilla Futures member, a spouse, a friend or family member. Find someone who can keep you on track in a positive respectful way. We don't want our accountability partner to bite our head off every time we step out of line, but we do want them to make sure we are doing what we said.
In the end it all falls on you as the trader to make sure you follow through with your new years resolutions. Don't look back at the end of 2022 and think, " I wish I would of followed through".
Good Luck in 2022, I hope all your resolutions and hard work come to fruition.