Setting Goals

This question was sent to me from one of our students: Hey Joe! I need a good way to set my goals. Do you have any?

Yes, I do! Here’s a very easy one to follow. Do it, and you will see a huge improvement in your bottom line.

Write down the amount of money you are going to make trading next year. " I am making by December 31, 20_. " Present tense required not future tense! Look at that amount every day and affix it on your wall and in your mind. Divide that amount by 52. How much money are you making on a weekly basis? How much on a daily basis? If you can not decide a figure, set a goal for profits to be 50% greater profits than the previous year.

What? You didn’t make any profits last year? Then set a goal equal to or double the amount you lost last year.

You didn’t trade at all last year? Then set a goal for the amount of money you truly believe you can make this year.

It is said that Alexander the Great, ruler of Macedonia in the 4th century BC, wept because there were no worlds left to conquer.

One day soon Joe, one of your "students" (in England, we call them "special friends") will ask you "Hey Joe! why are you crying like a schoolgirl (with a massive beard)?" - to which you will reply :

"Because there are no forums left to spam".

So if I lost 50k this year, I should set my goal to make 100k next year? I think this mentality would absolutely ruin traders if they pushed like this. Maybe they should try to make back 50k or even half of that. Get something back and learn in the process. If someone is losing they have to find a way to get back some of the losses. You must walk before you can run. Not a sprint a marathon.

I'm not into Joe bashing but...

.....How about a spam curry?

http://tradingeducators.com/books/curryblend/index.htm

Interesting he offers 100% money back guarantee if not satisfied after 60 days.

What would my Uncle Harry say to that?

What I want to know is how do I go about getting a list of the people who are dumb enough to fall for this?

As for the "goal-setting" business, I understand that that's a part of his new book Overtrading Your Way to Financial Freedom.

Db

Joe's website is a master class in hook, line and sinker.
I notice he does a 3 day private tuition course for $1500 per day
http://tradingeducators.com/seminars/one_on_one.htm

Nice work Joe...

Hey Joe,

A question for you. What do you think happens to companies who focus on financail goal setting. Do they do financially better or worse than those who focus serving their customers?

Do you think the same principles apply to traders and the financial markets? ie those that focus on the $ for the year do better than those who strive to excel in their trading and have goals related to that rather than the $.

I think that if you are disciplined in your approach to trading you should ahve a realistic figure which has been arrived at not by some wistful thinking or a finger in the wind or how you screwed up last year but by relating the equity you have under management, the % you are risking and the historical simulation of the method you are using. I do not know how anybody can work differently than this. You need to know when you are in line with your expectations and when you are not and managing expectation is the thing that keeps you on the path when the chips are down. Those expectations have to be carefully arrived at IMO.