how to set target?

0008 · Jul 18, 2003

In psychological point of view, is it better to set an easy goal than a higher one?

maxpi · Jul 18, 2003

The best thing to do in my opinion, and I am speaking from experience, is to set some very, very lofty goals without time limits, then set some intermediate goals that have to be reached to get to the lofty ones, and then keep a list of daily tasks that need to be done in order to get to the intermediate goals. You are really doing both scenarios you described, lofty goals and easy to reach ones at the same time. You will gain a sense of accomplishment long before you reach the lofty goals because you will be able to look at your progress.

Max

Girlpower · Jul 18, 2003

Quote from maxpi:

The best thing to do in my opinion, and I am speaking from experience, is to set some very, very lofty goals without time limits, then set some intermediate goals that have to be reached to get to the lofty ones, and then keep a list of daily tasks that need to be done in order to get to the intermediate goals. You are really doing both scenarios you described, lofty goals and easy to reach ones at the same time. You will gain a sense of accomplishment long before you reach the lofty goals because you will be able to look at your progress.

Max

Yeah - break the big goals into smaller bite sized chunks that are believable and achievable otherwise the big goals are just pie in the sky and will never be reached.

The most important thing about any goal is you must own it and believe in it and it absolutely must be achievable from the skill levels and results you have at present as the starting point or you will never own the goal or achieve it.

Best

Natalie

IN2WIN · Jul 18, 2003

Quote from 0008:

In psychological point of view, is it better to set an easy goal than a higher one?

I found it worked best for me to backtest until I found a profit target that was achievable at least twice as often as my stop loss.

Though they start out about equal, I tighten the stop during the trade progress, while the exit remains the same, resulting in a "real" risk reward of only 0.65:1.00 and a success rate of about 66%.

Scottie · Jul 18, 2003

think big

ElectricSavant · Jul 18, 2003

ty for your post

michael b.

TMTrader · Jul 19, 2003

Quote from maxpi:

The best thing to do in my opinion, and I am speaking from experience, is to set some very, very lofty goals without time limits, then set some intermediate goals that have to be reached to get to the lofty ones, and then keep a list of daily tasks that need to be done in order to get to the intermediate goals. You are really doing both scenarios you described, lofty goals and easy to reach ones at the same time. You will gain a sense of accomplishment long before you reach the lofty goals because you will be able to look at your progress.

Max

This is the way to go.

You should also take under consideration the reasonable goal to the specific setup that trigered the trade. Some setups are good for smaller goals and some for larger.

TM Trader

ElectricSavant · Jul 19, 2003

I agree, it is important to have a feeling of accomplishment.

Not a new point, but I would like to "add to" this daily operational theme. If you define your plan and follow it, you know that you are right when you feel good about following your plan, rules, setup...etc and loose money that particualar day. I have personally achieved this many times....lol

But you get the point....right?

Michael B.

bubba7 · Jul 19, 2003

What did you do correctly when the target you set was met?

ElectricSavant · Jul 19, 2003

Jack,

Are you addressing the question to me? or the thread originator?

Michael B.