"My goal for the long term is to average 1pt. out of the Mini Russel each day.
I believe by doing this I'm putting limiting beliefs on my possible performance.. "
So, it sounds to me like you don't really have a consistent goal. On the one hand, you have a goal of 1 pt a day; on the other hand, you believe 1 pt is limiting you. Goals are great things that can be incredibly useful, but they really must be congruent with your overall thinking and beliefs, otherwise, you will override them. That sets up a no-win situation for you.
Setting a target amount of money is really not a very useful way to set a goal. Markets vary considerably--sometimes flat, sometimes trending. Having a fixed dollar amount is inconsistent with the realities of the market. Think about how atheletes set goals. A tennis player, for example, might set a goal of coming into the net X% of the time as a way to improve his or her game. Or, they might have a goal of taking pace off their first serve to improve their first serve percentages.
Atheletes have a realistic game plan and set multiple goals within the context of the plan; their goals are never about winning (that is a definite aspiration, but not really a tangible objective). The main idea is that if you focus on improving yourself within the context of your plan, the wins will take care of themselves.
So, if you can agree with this premise, then what is your plan and where can you find opportunities to improve? What are your trade set-ups? What do they look like and what has to happen with indicators, price, volume, or whatever you use to trigger the trade? Are these written down? Do you have more than one set-up? What is the exit strategy? Where do you place stops? How do you know to get out if they trade isn't working and what does that look like? Have you kept records on how you have performed under each individual set-up? Without records and statistics, you can't really assess very much (think of any sport and all the stats that are kept--there is a reason for this). Once you have a clear plan that has good details and a records system, you can begin to set goals, look for opportunities to improve, and track your progress.
When you have a clear, detailed trading plan that you can and do fully commit to, it will never bother you that the market has run another 5 points after your trade has come and gone, because you traded properly. I've yet to hear a running back come back into the huddle after making a 12-yard run and complain that they should have gone for 25 yards! They executed a play in their game plan and now it on to the next play. It can be the same with trading.
Whit
I believe by doing this I'm putting limiting beliefs on my possible performance.. "
So, it sounds to me like you don't really have a consistent goal. On the one hand, you have a goal of 1 pt a day; on the other hand, you believe 1 pt is limiting you. Goals are great things that can be incredibly useful, but they really must be congruent with your overall thinking and beliefs, otherwise, you will override them. That sets up a no-win situation for you.
Setting a target amount of money is really not a very useful way to set a goal. Markets vary considerably--sometimes flat, sometimes trending. Having a fixed dollar amount is inconsistent with the realities of the market. Think about how atheletes set goals. A tennis player, for example, might set a goal of coming into the net X% of the time as a way to improve his or her game. Or, they might have a goal of taking pace off their first serve to improve their first serve percentages.
Atheletes have a realistic game plan and set multiple goals within the context of the plan; their goals are never about winning (that is a definite aspiration, but not really a tangible objective). The main idea is that if you focus on improving yourself within the context of your plan, the wins will take care of themselves.
So, if you can agree with this premise, then what is your plan and where can you find opportunities to improve? What are your trade set-ups? What do they look like and what has to happen with indicators, price, volume, or whatever you use to trigger the trade? Are these written down? Do you have more than one set-up? What is the exit strategy? Where do you place stops? How do you know to get out if they trade isn't working and what does that look like? Have you kept records on how you have performed under each individual set-up? Without records and statistics, you can't really assess very much (think of any sport and all the stats that are kept--there is a reason for this). Once you have a clear plan that has good details and a records system, you can begin to set goals, look for opportunities to improve, and track your progress.
When you have a clear, detailed trading plan that you can and do fully commit to, it will never bother you that the market has run another 5 points after your trade has come and gone, because you traded properly. I've yet to hear a running back come back into the huddle after making a 12-yard run and complain that they should have gone for 25 yards! They executed a play in their game plan and now it on to the next play. It can be the same with trading.
Whit
