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Trader Goal Setting

Have you ever had a trading week that started out exceptionally?  Every trade was profitable, you were earning decent money by the minute, and you literally felt on fire?  Then all of a sudden your week went sour.  Good trades turned into bad ones until you found yourself barreling down a slippery slope of lost funds.  This is a key symptom of a common problem many traders face:  over-trading.

How to Avoid Over-Trading
One of the most simple and effective ways to prevent yourself from over-trading is to set goals – and not just any goals, but SMART goals: 

Goals that are Specific, Measurable, Attainable, Realistic and Time-constrained. 

Consider setting weekly and monthly trading goals.  By setting goals, you define what you consider to be ‘successful’ within a set period of time.  Once you reach your goal, trading is ceased until your new cycle begins.

Setting Goals That Work
For goals to work effectively, they need to be achievable, so decide on numbers that make sense for your personal experience and trading skills.  It is also a wise idea to clearly document each goal.  Write it down.  Make record of it.  And hold yourself to it.

Most importantly, keep your goals within their specified time frames.  Whatever happened last week doesn’t matter this week.  You must treat each new time period independently from every other.  If you only made 1% the previous week, don’t try to make up the difference this week.  Stick to your original goal and view your new trading week as a fresh challenge.

Remember, a disciplined trader…is a successful one.