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Setting Realistic Trading Goals

Many news and even seasoned traders set some extremely high goals when it comes to there trading career. At times it is good to reach for the stars but you also have to be honest with your self. The reason this is so important is due to how you view your progress. Trading is a one man/women business and you need to be able to celebrate your wins no matter how large or how small. If you are a Gorilla Futures member and participate in the chat I am sure you have seen me say" green is good". Many times throughout the week I see traders who aren't happy with only making $70.00 or so. Yes we all want to make tons of money everyday but you also need to celebrate when you make a little bit. Celebrating and settling are two extremely different things, you do not have to settle for $70.00 a day but its better to be up $70.00 then down $70.00.

Setting Goals

When setting goals you need to have a detailed plan of the goal and how you are going to get from where you are today to where you want to be in a year from now. Simply saying I want to be a great trader or I want to make $20,000 this year is a great goal to have, but how are you going to get there? If you said you want to go from never trading before to making millions this year then all your doing is mentally digging your self a hole that will be next to impossible to get out off. This is why you need to pick realistic goals and then plan on how to get there and once you get there then you can set bigger and bigger goals.

By breaking you goals down into small steps you will be able to celebrate smalls wins throughout the journey. By doing this you will then begin to gain confidence and feel like you are growing as a trader.

Lets break down my one and only goal every single year, that goal is to be consistent. I do not put a dollar value on my goals as money is a by product of being consistent. First step of being consistent is defining what consistent means. Now there is no right or wrong answer to this. To put it briefly, consistency in my eyes is having the proper risk management, following the rules I have set for myself, this includes when to trade, what to trade and the proper trading size.

Now that I know what consistency means to me its time to figure out how I am going to be consistent all year long. First off it starts off by only trading what my trading plan tells me. I focus on a handful of symbols with the main symbol being the MES/ES. Next up is when to trade, I get to my trading desk at the same time everyday and trade for a maximum of 4 hours. Why 4 hours, because anytime after that I will not be in the "zone". From there it is on to taking the right trades, if you have gone through the course you will know there are three setups we look for when taking trades. Lastly it is on to journaling all my trades, there is no reason not to journal your trades. Those of you who are Gorilla Futures members have access to a free trading journal. By journaling you will be able to document what areas need to improve and develop a plan to do so.

As You can see all these goals are very realistic, not only that but there is an actually game plan on reaching those goals.

Comment down below what your goals are and how you plan on getting there!

1 comment

1 Comment

Excellent article, Patrick! When I get down about a low $ day, this new trader focuses on what that amount covers in my monthly budget. If that's the best I could do for a whole month ( ~20 days), then I'm happy because that covers my cable and phone bill, money that doesn't have to come out of my regular paycheck. Like you said, it's a marathon, not a sprint! Small, consistent wins today will eventually lead to larger consistent wins later on, thanks to the magic of compounding.

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