Polishing my trading plan. What are your rewards?

shadowninja

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Decided to check my plan not so much for how I should be trading as whether it was still valid. Updated it suitably to reflect the fact that I only swing trade now. Came to the bit on rewards and realised I still don't have any rewards for annual, monthly and daily. Weekly is to treat myself to sushi. Daily could be a nice single malt, but if I did that every day I'd turn into an alcoholic. I do have an overall reward of buying some sort of sports car but that is probably a 3-year reward. So what are your rewards to yourself for sticking to your trading plan?
 
Decided to check my plan not so much for how I should be trading as whether it was still valid. Updated it suitably to reflect the fact that I only swing trade now. Came to the bit on rewards and realised I still don't have any rewards for annual, monthly and daily. Weekly is to treat myself to sushi. Daily could be a nice single malt, but if I did that every day I'd turn into an alcoholic. I do have an overall reward of buying some sort of sports car but that is probably a 3-year reward. So what are your rewards to yourself for sticking to your trading plan?

My eventual reward will be an early retirement & no more daily commute. For the moment an excel graph of my account balance is reward enough!
 
That's not in the spirit of T2W's trading plan guide!

The snag is that I have everything that I want (ie I don't have many needs beyond paying of bills, taxes and food). I don't care about luxury holidays. I would love a Murcielago (to be paid for in cash, not a loan!) but that is probably being unrealistic at this moment in time (or at least a longterm reward, maybe 3-5 years if I'm good).

I can't think of any obvious intermediate goals.
 
That's not in the spirit of T2W's trading plan guide!

The snag is that I have everything that I want (ie I don't have many needs beyond paying of bills, taxes and food). I don't care about luxury holidays. I would love a Murcielago (to be paid for in cash, not a loan!) but that is probably being unrealistic at this moment in time (or at least a longterm reward, maybe 3-5 years if I'm good).

I can't think of any obvious intermediate goals.


Fast cars? loose women? material posession?.......a night out with the lads on a Friday.

Has always, and will always be, the most enjoyable reward for a week's work.

UTB
 
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I would love a Murcielago

Good stuff Ninja :)

Just be sure you keep the wheels pointed in the right direction at all times ;-)

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Like this :)

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That said, playing hard is probably the greatest reward for working hard.

Yin and Yang, life in balance and all that :D
 
Get ye back, Satan! :LOL:

Murcielago in black. Yum. I better get back to not trading (already opened a position and letting the market do its thing).

Maybe I should buy a Lamborghini keyring in the meantime.
 
Decided to check my plan not so much for how I should be trading as whether it was still valid. Updated it suitably to reflect the fact that I only swing trade now. Came to the bit on rewards and realised I still don't have any rewards for annual, monthly and daily. Weekly is to treat myself to sushi. Daily could be a nice single malt, but if I did that every day I'd turn into an alcoholic. I do have an overall reward of buying some sort of sports car but that is probably a 3-year reward. So what are your rewards to yourself for sticking to your trading plan?
Psychologically speaking, I've read that rewards don't work in the long run. You quickly come to expect it and then devalue it - you stop enjoying it, and it stops being a reward. You also enjoy the thing that you're doing to get the reward less if you have a reward. In short, giving yourself rewards for doing tasks has a net negative outcome. There are all sorts of systems you could try but I come down to the real basic - hard work is reward in itself. Satisfaction of a job well done, living in the moment, getting the best out of whatever it is you're doing, even if it is cleaning a toilet, etc. People wrap that idea up in mystical mumbo jumbo but it's basic stuff. I agree with Hoggums - seeing a steadily rising equity line would do it for me (note the "would" :)

P.S. just remembered one bit of research. Children were split into two groups; one was given a reward of sweets/raisins for doing a writing task and the other wasn't. The children in the rewarded group stopped writing as soon as they got the reward. The other group carried on, effectively enjoying the task for its own sake, not just to get a reward.
 
Interesting viewpoint. I would still get the Murcielago if I could afford it, though!
 
shadow

the reward for sticking to your trading plan should be self-evident in the warm glow that comes from seeing your rising equity curve. :cheesy:

good trading

jon
 
Well, I am someone who came from abject poverty, and I don't mean living on benefits with two TVs and all that. Not for me all this 'relative poverty' bo'llocks. I mean I grew up sleeping on dirt, unpaved floor with 12 other people in the poorest country in the world. I never had enough to eat, or sometimes even anything to eat at all. I was what you would call really poor.

Despite all that, I was working for a UK government watch dog as a graduate trainee in my twenties. If that doesn't boggle your mind, I will get really ofended. LOL. Not only that, I actually trade for a living now (I do better than make a living, but it is not important to the point I am making). I can assure you, this whole money business is seriously overrated. Above a certain level, it makes no difference at all. I am not telling you something I read in a book. This stuff actually happened to me.

The distance between my childhood and an average boy growing up in inner city London is much larger than the distance between driving a Ford Focus and a Ferrarri.
 
Shadow,

“I don't have many needs beyond paying of bills, taxes and food”. At an extreme, my take is one is never totally free economically until there is enough to pay the all bills via surplus capital earning sufficient interest. Or at least a significant (50%?) amount.

Who/what’s a “Murcielago” – an Italian sculptre of the Giacometti school (or was he a racing driver in the ‘60’s)?

Markus,

Do those cars come with a volume control? If you had one, you would probably keep the price on the windscreen. I wouldn’t because I’m a refined and sophisticated gentleman.

Grant.
 
IIRC, that yellow Lamborghini delicately parked in a lampost, was hired from one of these exclusive car-hire places by a bunch of guys who wanted some fun. They videoed it drag racing up and down a London street, before the twat who crashed it left braking too late, went straight over a t-junction and into the lamp-post. His friends thoughtfully posted the video on the internet (may be still there if you google or u-tube), which allowed a conviction to be made. Makes you wonder about the intelligence of these guys (hey let's stick incriminating evidence on the internet for a laff). If you find the video clip, you'll wonder how no innocent person was killed in the accident and the idiot deserved to be locked up with the key thrown away.

nice story Fxscalper - respect.
 
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unpaved floor?...... "you were lucky"

I grew up in a shoe box, along with 6 million other yorkshiremen:LOL:

UTB

A shoe box ! A SHOE BOX !! That were the aight of luxury that were ...all we ad were a paper bag, in't middle o't road...we ad to get up, 2 hrs before we went ta bed and lick road cleen wit'h tounge.....eeeee these youngsters today, I don't know !

The money ....just a way of keeping score ;)

cv
 
A shoe box ! A SHOE BOX !! That were the aight of luxury that were ...all we ad were a paper bag, in't middle o't road...we ad to get up, 2 hrs before we went ta bed and lick road cleen wit'h tounge.....eeeee these youngsters today, I don't know !

The money ....just a way of keeping score ;)

cv


eeehh, we used to dream of living in a paper bag. :rolleyes: all we had was a lake.

but you try telling that to youngsters today and they won't believe you !
 
Yes, a lake and a beach with a palm tree to lie under. That must have been a difficult childhood.

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:p
 
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Markus,

Do those cars come with a volume control? If you had one, you would probably keep the price on the windscreen. I wouldn’t because I’m a refined and sophisticated gentleman.


Grant, cars are a bit like markets aren't they.

You can do the best analysis before wetting your toes, expecting that only a certain sort of person will be driving a certain car, or, expecting that because of your analytical skills, the market will just have to rise now, and I mean right now.

You've done your homework, when, out of the blue, shoving his sat phone into his pocket while he laboriously descends into his drive, you see Mickey Scissorhands, Da-Baddest Gangsta-on-Da-Block, with his footballer-wife girlfriend, jumping into your car of preference...

Or, cruising along, you're getting ready to get on your sat phone to buy ten thousand Bunds because they've just broken out of your resistance level, but, you've just entered your order, when, Bingo !, the Flipper decides it's a great moment to sell 30 000 Bunds, which has the unfortunate side effect of making your perceived rock hard new resistance-has-turned-into-support level pretty irrelevant pretty quickly.

Anything can happen anytime, but the good thing is that that needn't worry one in the least.

In markets you just react to what's happening.

In cars you realise that it's exclusively about the person getting in and out of the car at the moment, the car just is.

Mickey Scissorhands creaks his aching joints out of a Murci wearing trainers that barely manage to hide his gun holster and passersby will go, look, he needs that for his ego, whatwhat.

Contrast that with you getting out of the same car (OK, should be coloured black, must admit), fittingly attired in the best of Savile Row, you'll have entire sidewalks filled with people dropping their jaws, salivating madly, gasping for breath, saying what a great new James Bond combo the two of you'd make, before breathlessly asking for your autograph :)

Special delivery for you, here's another recommendation for your garage, a very rare Zagato Aston Martin ;-)

Is that beautiful, or is that beautiful :) ?

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Toys are fine, just like everything else in life is fine where you do what you enjoy doing and aren't harming anybody else, and where you don't make the mistake of seeing those activities as a helpful means to your end of happiness.

What's pretty important when you're defining what you want from life so you can set a course to get there, is the realisation that wealth, fame or power, or anything, for that matter, that's external and can disappear again, will not make you happy over time.

Forbes

NEW YORK - It's official: Money can't buy happiness.

Sure, if a person is handed $10, the pleasure centers of his brain light up as if he were given food, sex or drugs. But that initial rush does not translate into long-term pleasure for most people. Surveys have found virtually the same level of happiness between the very rich individuals on the Forbes 400 and the Maasai herdsman of East Africa. Lottery winners return to their previous level of happiness after five years. Increases in income just don't seem to make people happier--and most negative life experiences likewise have only a small impact on long-term satisfaction.

"The relationship between money and happiness is pretty darned small," says Peter Ubel, a professor of medicine at the University of Michigan."...


That said, happiness obviously cannot be a permanent state no matter what you do, as by definition the state of happiness necessitates a contrast, essentially meaning that every battery needs it's recharging periods.
 
FXScalper2,

I'm very happy that you made it from a rough childhood.

Up until 2007, my rewards were expensive clothes, BMWZ4, expensive meals and all in all an expensive life in central london. I made good money from very small capital by scalping, taking advantage of slow spread bet firms and in 2006 doing lots of binaries. I made about 400% a year.


This year I am doing proper technical trading and although I am flat since inception of my fund beginnign september, my eventual goal is to consistently produce plus 25% annual returns and hope with that I can attract major investors and one day have my own hedge fund - or alternatively get employed.

A lot of people say why dont you stick to your first methods of scalping, binaries etc..but with that you are confined to small capital. turning £10k into £50k does not mean u can turn £10m into £50m. But with proper technical trading if you can turn £10k into £12k, it means you can turn £100m into £120m.
 
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