I want to share with you a concept that you have to start implementing right away in your trading goals.
There are lots of articles online on how to craft your ultimate profit plan so I won’t go into crazy detail on how to do that here. Pretty much, just write SOMETHING down is better than you not writing anything.
But here is what needs to be consistent in your goal setting.
SET YOUR GOALS BY QUARTERS!
What I mean is have your trading goals set for every 3 months. Not daily, not weekly, not monthly, not yearly...quarterly.
By doing this, it’s the sweet spot for the allotted time to achieve a particular goal. Most traders I see are setting daily and monthly goals. That’s too fast. It makes you rush into stupid trades because your deadline for your goal is coming up. Conversely, an annual goal is too long and creates complacency.
I learned this trick from a book titled, “The 12-Week Year” by Brian Moran. He goes on to explain that if you change ALL your goal setting to quarters, you’ll have more focus and clarity.
Not only do I create quarterly trading goals, every aspect of my life is based and evaluated after every quarter. Not month, not a year. Every 3 months my wife and I sit down and reevaluate the last quarter.
April 1st marks the 2nd quarter of the year. This is your chance to practice your first quarterly goal session. Sit down at the end of this month and really set your sights to where do you want to be on June 31st
While everybody on January 1st created annual resolutions (that they will never make because it’s too long), you’re going to be setting your goals to end every 90 days and then you reevaluate again and make any changes if needed and then be ready to go for the next 90 days and so on.
Just trust me. It flat out works. It works for fitness goals, income goals, relationship goals, children goals, diet goals, etc. EVERY goal should be 90 days long.
Now go crush it!