New Month, New Goal

June 1, 2008 22:44 by JEB

I've been reading a lot recently about the importance of setting goals for one's trading.  For so long, my only objective has been as nebulous as simply making money or becoming consistently profitable.  However, setting realistic goals that can be measured can play an important role in a trader's performance.  They offer a real objective and a means by which one can measure his/her progress.  So, starting this month, my monthly goal will be an increase of at least 2.5% of my account.  Some months I may fail to meet my goal, and some months I may surpass it, but every month I will shoot for at least 2.5%.  I figure that 2.5% is an attainable goal, since I risk roughly 2% per trade.  If I can get a couple of good trades per month while cutting my losers quickly, I should be able to meet my goal.  When I can consistently make 2.5% per month, I'll reevaluate my monthly goal and consider increasing it.

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Categories: Discretionary Trading | Trading
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