TTW027: Goal Setting

What is the critical thing? Get a baseline, set target based on risk reward. What constitites a stretch goal? Realistic but challenging. Understanding technical trading, certain kinds of stocks. What are your strengths? Build strategy consitent with personal strengthts. What do you have that you can use to develop your plan? How many positions? How will you hedge those positions? Understand the complexity of trading. Face your discomfort, embracing the uncertainty, making you stronger as a person... self examination. Be objective. How much are you ruled by superstition? Understand what you're feeling, but don't allow it to impair your choices. Prepare to be in the zone. Developing your own methodology: relying on your own emotional experience, integrating intellectual formulations into your own internal understanding, balancing information against your life experience. Trust your instincts. We're all insecure- when we trust someone elses strong presentation, this is "confirmation bias". Keeping track of mistakes- continually developing processes that anticipate the possibility of making the same mistake again ultimately the one thing you have some control over is yourself, that is the thing you want to learn the about as much as possible.

You can listen to TTW027: Goal Setting online on Radio and Podcast. Open the player on this page to stream the available audio.

TTW027: Goal Setting is an episode from Ari Kiev: Mastering Trading Stress by Ari Kiev.

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This episode was published on Jun 19, 2009.

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