How to Set Meaningful Trading Goals:
The problem with most rookie traders is that the one and only goal in their minds is to “get rich”. Fair enough, but what does that even mean? It’s much too generic. “Rich” to one person can mean something completely different to another. Are you looking to make an extra $200 per month? $500 per month? $1,000 per month? $10,000 per month? You need to brainstorm exactly what the term “rich” means to you right now, but it’s also important to be realistic. Unachievable goals will result in a loss of motivation. Keep in mind that your goals can start small and build up over time.
It’s also important not to get caught up in comparing yourself to other traders on Wall Street who claim to be making extraordinary profits on a consistent basis. When you’re just starting out, the entire process should really be more of a competition with yourself – a focus on steady personal growth. As an example, it’s almost like going to the gym for the first time. You can’t compare yourself to the muscular, 7-foot tall football player who has been working out for years when you just started lifting weights yesterday. But over time, you can steadily improve your technique and reach the level of physical fitness you set out to achieve with hard work and dedication.