Well I guess I might as well post my trading goals for 2011 before 2011 is over. It's hard to believe it's almost the end of February already. Like I always say, time flies whether you're having fun or not.
Every serious trader needs goals. If you don't have any goals, you're just not serious. But they have to be good goals. Bad goals are worse than none. When I first started trading, I had some really awful goals. The worst one was probably the one where I was going to make money every single day. Of course, that's just not feasible. Naturally, I failed to meet that goal, which resulted in frustration, which negativelt affected my performance, blah blah vicious circle etc.
I think I've gotten better at it. So here without further ado, is what I hope to accomplish this year.
1. Performance: I'd like to at least match the results I've posted the last two years, being at least a 30% annual return on capital.
2. Size: I want to increase my trading size. This is the only way to get richer without taking on additional risk (meaning the risk associated with investment type).
3. Strategy: I want to make fewer Stupid Trades. These are generally caused by lousy entry points. I need to analyze my entires more closely before pulling the trigger.
4. Diversification: No, not investing in different sectors. I want to explore different types of trading. Arbitrage is one thing I'd particularly like to learn more about this year.
That's about it. That's enough. I'm doing well on some of my earlier goals, which at one point or another included simpler things like "not losing money", "beating the Dow", "keeping a trading journal", and "not beating myself up for not meeting goals".
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