Bored from Using Goals

Well I'm still bored - that's why I'm still here on this site.

But my views on goals haven't changed. I deviated from my goal based approach to trade SCT for a while - and I like the goal based approach better.

However - I have made the following modifications that have helped me.

- Use behavioral goals. Stop trading at the 1st deviation from the plan/strategy.
- Replace $ goals (profit target and stop loss) with trade limits. For example I limit myself to 10 RTs a day. And I'll either stop after the 1st deviation from my plan or right after I hit the 10 RTs. $ goals can distract from good market monitoring as you're thinking of $ instead of good monitoring.
- Furthermore, there has to be consequences for deviating from the plan. You just can't say "oh I won't do it again, i've learned from my mistake". Because when you repeat a mistake you never learned from it the first time around - you never really learn from a mistake unless you never repeat it again.

Trading now is pretty stress-free and consistent and I have a lot of free time. Now if I can just figure out a way to do something more constructive with my time instead of just surfing the net (and ET) - then that would just be perfect. I guess we all seek our excitement somehow - but to seek it in the market while trading is dangerous.
 
Quote from aeliodon:

...The problem is that I've been hitting my profit targets early in the day. And I have nothing else to do the rest of the day.
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You poor, poor man. I can only imagine your pain. Our thoughts are with you.
:p
 
Quote from aeliodon:

When I say profit target I'm not referring to a $ target but rather a points per contract target. Its important to keep it small and reasonable. Occasionally on a big trend day, you can hold for a really big winner.
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And on a big trend day, you can hold;
and on a big trend day you can simply get back in also.


If one had to pick only am or pm for day profits, am is it;
swing/ position trade differs.:cool: :cool:
 
Leave the office.

Been where you have been. Had my targets, hit my targets, then got restless. I just shut it all off, jump in the car and go somewhere. Sometimes a Library and read an old book. Shopping for my wife. SHe likes vintage clothing so it's like doing some exploration. Or I hit a naked furniture outlet so I can practice staining/painting, etc... You must have some hobbies.
 
Quote from jack hershey:

Ordinarily a person proceeds to reinvest profits according to the fllowing sequence: 1, 2, remove original capital 1, 2, 4, 5, 10, 2, 25, 50. at the 50 contract level the accounts are swept weekly and transferred to the PVT accounts. After streams of capital are filled, then two types of tradig are used phase change and sector rotation. Phase change is an interim condition and is only available to a limited extent (the ROI is a multiple of PVT); sector rotaion is designed for unlimited blocks and returns 2 to 4 % a week where the cycle is an average of 4 1/2 weeks (it is a shadow method that replaces the usual big money approaches). Neither of these are ET topical....

This is a good time of the year to make some plans for th future. for those much younger persons it is especially important to free yourself from any financial dependence on the system. Becoming a financial Individual starts right after you are exceeding the annual ROI levels of indexes. Figure on building capital so that it lasts and lasts and lasts and it is in large quantities. Skip the "making a living" quality of life, you have to be able to make it NOW for the future. NOW is where money is made and you have to mke the potential that the market is offering.
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Good post man.
 
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