Share Trading in Australia
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Goal Setting for Traders
People perform at their best when they have a goal clearly in their mind. That is the way the human mind works. When we have a goal clearly in our minds, our subconscious works very hard at helping us to achieve that goal. It does it automatically without having to fight using willpower.
You may have a goal clearly in mind, but it must have three important characteristics.
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Your goal must be realistic
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Your goal must be attainable
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Your goal must be measurable
Your goal must be realistic. This means that your goal has to be something that is within your capabilities. Sure, it may be possible to make a million dollars your first year trading, but it’s probably not very realistic because it isn’t within your capabilities yet.
Your goal must be attainable. An example might be that you are trying to average $100 to $200 a day with your trading. You have a much better chance of being able to reach that goal versus the goal to make a million dollars this year. You must start with a goal that is attainable and then you can build on it. I highly suggest starting with a small goal and moving up from there.
Your goal must be measurable. This is one area where I see people making a mistake all the time. Everybody wants to get rich or make a fortune in the market. That seems to be everybody’s goal. But that isn’t really a goal. A goal must be measurable. You must be able to know when you’re far away, close, and when you have achieved your particular goal. If it’s not measurable, you will not know when you are there, and even worse, you won’t know how close you are to reaching your goal.
Realistic, measurable goal-setting is extremely important to being successful in trading. In fact, just trying to make money each day (without a goal) will most likely not work.
So please do your self a favour as a trader, set your goals, keep them firmly in your mind, look at them each morning, measure them each day and you will become more successful.
Trading without a goal and a trading plan is a road to failure.
| .Disclaimer: The website is intended solely for information purposes and is not to be deemed a prospectus or a solicitation of orders. The opinions are those of the author only. It should be noted that some of the stocks may have very low levels of liquidity and may result in significant percentage rises and falls. I am not a Registered Investment Advisor. Please conduct further research and consult your financial advisor before making an investment/trading decision. I may have direct/indirect holdings in the stocks listed/mentioned. My holdings may change without notice. The information on each stock has been derived from publicly available reports. Each of the stocks listed is to be considered as speculative, and may not be appropriate for individual investors. I am not responsible for any losses which may be incurred. Any financial product information contained in this website is general information only and has been prepared without considering your objectives, financial situation or needs. Before making any investment decision you need to consider whether the advice is appropriate for you. We are not licensed financial advisors.... |
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