Goals Are a Must

I tried out for the golf team in 8th grade and missed it, so I wrote it out as a goal for the following year, and I made it. My senior year as a collegiate golfer, I had a written goal of making First Team All-America, and I made it. I wasn’t sure what my competition would do, but I did know that setting my sights on a goal would require me to raise my standards and work hard in certain areas in order to elevate my game. I’ve discussed the importance of goals before, and I will always believe that having goals will produce superior results. Trading is the same way, and knowing what you want to achieve will help you determine how to get there. It’s tough to set a daily goal for yourself simply because there’s no telling what the market might bring. Late in the day if you’ve seen few opportunities, you’ll have a tendency to force trades which could lead to frustrating and unnecessary losses. When it comes to setting a goal for the week, month, or year, I am all for it.

Just remember that goals are different than expectations!

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Jeff White
President, The Stock Bandit, Inc.
www.TheStockBandit.com

Technorati Tags: Golf, Trading, Trading Psychology