Traders Improved Trading Podcast
Business:Investing
You cannot control how much you take out of the market. You cannot control how many setups you get within a week or within a month. You cannot control how many of your trades will go on towards your TP and how many fail. Of course, over the long term, you can have fairly accurate statistics about your performance and expectations, but the short term follows different rules. Anything can happen on a week to week basis.
Thus, having results-based goals can be detrimental to a trader’s performance. If you hit your goal early, are you going to take the rest of the week/month off and miss potentially profitable trades? If not, why do you have such a goal in the first place?
If you are short of your goal, you are more likely to over-trade or take excessive risk. This will, most likely, bring you further away from your goal and lead to an overall bad trading quality.
Finally, where do those results based goals come from in the first place? How did you come up with them? Most likely, they are just made up. I have seen countless of traders performance wishful-thinking calculations where they pull up a spreadsheet and backward engineer how much return they have to generate to meet an artificial goal, such as making 1 million Dollars within a given time period. Obviously, this has nothing to do with reality and the market and the world could care less about what you want. Your one and only job as a trader is to make the best trades possible, but you cannot control when they happen.
Multiple 6-Figure Funded Trader Shares His Tips #231
Input Equals Output #230
The Magic of Boring for Mastery #229
You can become an expert at anything with this mindset #228
Avoid this and become a better trader instantly #227
10 Best Money Habits For Traders #226
How to establish better habits. My very personal story #225
Go from losing to profitabel trader in 8 steps #224
How to create the perfect feedback for loop your trading #223
How to improve your trade entries: early vs. late trades #222
What to do to improve any trader? #221
Mind Over Market: Busting 5 Biases That Burn Your Trading Performance #220
Tips for young traders in their 20s and 30s #219
Most important skills and traits for aspiring traders #218
How to make a trading system ”fit you” personally #217
The 9 most important trading principles for success #216
Novelty Seeker, Optimizer, Mindless Trader - What trader are you? #215
My favorite technique and tip to become a better trader #214
From Losing to Break Even Trader! #213
A mindset hack that helped me with my long-term goals #212
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