Setting Goals

This is a discussion on Setting Goals within the First Steps forums, part of the Reception category; This question was sent to me from one of our students: Hey Joe! I need a good way to set ...

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Old Nov 2, 2006, 7:31pm   #1
 
Joe Ross's Avatar
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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! Hereís 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 didnít make any profits last year? Then set a goal equal to or double the amount you lost last year.

You didnít trade at all last year? Then set a goal for the amount of money you truly believe you can make this year.
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Old Nov 2, 2006, 7:49pm   #2
 
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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".
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Old Nov 2, 2006, 8:03pm   #3
 
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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.
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Old Nov 2, 2006, 8:05pm   #4
 
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Quote:
Originally Posted by Spam Man
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".
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?
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Old Nov 2, 2006, 8:16pm   #5
 
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Quote:
Originally Posted by rols
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
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Old Nov 2, 2006, 8:47pm   #6
 
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Quote:
Originally Posted by dbphoenix
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...

Last edited by rols; Nov 2, 2006 at 9:01pm. Reason: dubious humour
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Old Nov 3, 2006, 9:43am   #7
Joined Oct 2003
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 $.
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Old Nov 3, 2006, 11:38am   #8
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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.
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Old Nov 3, 2006, 11:54am   #9
 
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Quote:
Originally Posted by Joe Ross
What? You didnít make any profits last year? Then set a goal equal to or double the amount you lost last year.
I would like to nominate this for the newly-created "Most Half-Baked Idea In The History Of Creation" award. Congratulations Joe. Just for clarification, how do we know whether to go for "equal to" or "double"?

Yeah yeah I know, you're too busy spamming elsewhere to answer.
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Old Nov 3, 2006, 12:17pm   #10
 
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Quote:
Originally Posted by Joe Ross
What? You didnít make any profits last year? Then set a goal equal to or double the amount you lost last year.
Setting these unrealistic goals is exactly what wiped out my account the first time I started trading. I wanted to get back the money I lost, so I doubled my size! I should have known better, so I'm amazed to see this suggestion on this respectable forum.

Originally, martingale referred to a class of betting strategies popular in 18th century France. The simplest of these strategies was designed for a game in which the gambler wins his stake if a coin comes up heads and loses it if the coin comes up tails. The strategy had the gambler double his bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. Since a gambler with infinite wealth with probability 1 eventually flips heads, the martingale betting strategy was seen as a sure thing by those who practiced it. Unfortunately, none of these practitioners in fact possessed infinite wealth, and the exponential growth of the bets would eventually bankrupt those foolish enough to use the martingale over a long losing streak.
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