Saturday, January 8, 2011

New Year, Same Goals- Consistent Market Profits

2010 is history and a new decade has now begun. For many folks, new year resolutions now come into focus and high standards are set. Of course, many of the goals that are established are never fulfilled and totally disappear or they are put off to the next year or the next. I am sure you are aware of this as it may have happened to you as well. Maybe you have even had some trading goals set as resolutions and they fell by the wayside through the struggles of a tough trading year. Perhaps exterior factors and cirumstances took your focus off of the goal and you just quit trying to attain it. Or, maybe you feel like the bar was set too high and you just couldn't reach it. Whatever the reason, here we are again at a time when you may be setting your sights on trading consistency. Let me give you this admonishment. GO FOR IT AND DON'T QUIT!
I can personally attest that reaching the goals you set is usually a daunting task. The whole purpose of a goal is to get us to work and stretch ourselves to reach something of real value to us. Without a goal we just move along aimlessly without any destination and end up with no true satisfaction.

Thinking of goals brings to my mind the time that I had a term paper to write. At the time I was a 10th grader and in search of a worthy subject, I chose to write about the comparison of two Olympic track athletes. The 1984 Olympic games had just been conducted the summer before and Carl Lewis had matched the accomplishments of 1936 Olympian Jesse Owens in winning 4 gold medals. Both of these men faced fierce competition and mental obstacles. Jesse Owens, a young black american, had to compete in Germany while Adolph Hitler was in power. He had to battle not only against other athletes that felt superior because of race, but against an entire political establishment and some in the world that felt the same. He proved them wrong by winning a record 4 gold medals and dominating the games. In 1984 Carl Lewis set his sights on attaining the same number of medals as Owens and reached it. If I remember correctly, I wrote to prove that Jesse Owens had many more factors against him than Carl Lewis did in setting those records and his accomplishment was harder to secure. I am not here to argue that point again, but rather to emphasize the importance of setting a goal and working your butt off to achieve it, no matter the odds.

We all know the odds in trading...only 5% or less actually succeed in making money, but does that mean that we can't or shouldn't be in that 5%? I am sure Jesse Owens felt at times that he couldn't reach the lofty goals he had set for himself but in the face of extreme circumstances and adversity he accomplished something only one other man has been able to do since. If Jesse can go into a stadium filled with racist bigots along with their psychotic leader and perform at his greatest, then you can attain your goals in trading. No, trading is not easy but anything worthwhile doesn't come easy. The key to trading success is a continued effort to find something that clicks with you and you must not place a time limit on finding it. Once you learn how the market works, then you must start the quest to find the trader inside of you. I truly believe that if your will is strong enough, you can find what you are searching for.
I urge you to write your goals down and keep track of your progress. Continue to work hard and focus on doing things with simplicity. Develop a plan based on back testing and chart time and once you have written it out, STICK WITH IT. Visualize your success day after day and focus on the goal rather than the obstacles. Make 2011 the year that you have a break through in your trading, and even if you are already consistent in your results, raise the bar for yourself so that you can continue to become the best you can be.

I wish you all the best in your trading and in your lives for 2011. My hope is not only that you reach your goals, but that you far exceed them.




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