{"id":1979,"date":"2009-09-16T16:29:39","date_gmt":"2009-09-16T21:29:39","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1979"},"modified":"2009-09-18T16:34:22","modified_gmt":"2009-09-18T21:34:22","slug":"setting-a-goal-for-the-day","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/setting-a-goal-for-the-day","title":{"rendered":"Setting a Goal for the Day"},"content":{"rendered":"

Recently I received this question from Reader Stephen:<\/p>\n

I am 53 yo guy been trading for 30+ years. \u00a0I love your videos and your traders that give intraday information,<\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n

I have a simple question. \u00a0What is an example of Goal for the day?<\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n

I have enclosed an example of my monthly goals which I do daily to keep me focused. With these plans I have improved my life in so many ways except in my trading<\/span><\/strong>. \u00a0I improved my health, lost weight, got faster and stronger on the bike, better relationship with my sons, and more organized in the house. \u00a0But these things I could break down into daily tasks. \u00a0This is where I think I am getting stuck in my trading. \u00a0Your idea of daily goals is what I need but I don\u2019t know what that could mean. \u00a0I would appreciate any ideas or you can ad them into your Sun discussion.<\/span><\/span><\/p>\n

<\/span><\/span><\/p>\n

SMB Responds:<\/span><\/span><\/strong><\/p>\n

A few of our traders are working on the goal of Controlling their Emotions.\u00a0 This is a common psychological hurdle for intraday traders, especially active prop traders.\u00a0 Since we trade actively we are wrong so often.\u00a0 The human mind is not wired to accept so much rejection.\u00a0 We must work on overcoming this hurdle.<\/span><\/span><\/p>\n

First we ask our desk to keep notes of all the things that set them off during the trading day.\u00a0 For three days they gather information on everything that sets them off during a trading session.\u00a0 This is the first step: observation.<\/span><\/span><\/p>\n

Then we develop a plan for our traders to work on visualization exercises to overcome these deficiencies.\u00a0 Each thing that sets them off is detached.\u00a0 A trader visualizes each trading scenario that sets them off, in as much detail as possible.\u00a0 They get themselves pissed off again.\u00a0 The trader then expose the logic of being upset, such as this harms my results trading on tilt.\u00a0 And then they breath until they are calm. <\/span><\/span><\/p>\n

Doing so does a few things: 1) desensitizes the trader to these things that set them off, 2) offers the trader skills so that they can quickly observe their frustration, breathe, and then refocus in a calm state necessary to trade to their potential.<\/span><\/span><\/p>\n

Now this will take a few weeks before any of these traders substantially improve. But they will be improving if they do their visualization exercises daily.\u00a0 And no matter how gifted, how much you love the markets. and how skilled. you cannot find your trading potential if you are trading on tilt intraday.
\n<\/span><\/span><\/p>\n

This is an example of a goal that an intraday trader on our desk may set.\u00a0 And this is a road map for achieving that goal.<\/span><\/span><\/p>\n

For those interested in trading psychology I recommend you visit TraderFeed<\/a> daily, where the godfather of trading psychology Dr. Steenbarger shares his wisdom with all of us daily.
\n<\/span><\/span><\/p>\n

I hope that helps.<\/span><\/span><\/p>\n

Thanks for the question.<\/span><\/span><\/p>\n

Best of luck with your trading!
\n<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Recently I received this question from Reader Stephen: I am 53 yo guy been trading for 30+ years. \u00a0I love your videos and your traders that give intraday information, I have a simple question. \u00a0What is an example of Goal for the day? I have enclosed an example of my monthly goals which I do daily to keep me focused. … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[358,18,357],"class_list":["post-1979","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-goal-setting","tag-smb-capital","tag-trading-goals","no-post-thumbnail"],"yoast_head":"\nSetting a Goal for the Day | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/setting-a-goal-for-the-day\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Setting a Goal for the Day | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Recently I received this question from Reader Stephen: I am 53 yo guy been trading for 30+ years. \u00a0I love your videos and your traders that give intraday information, I have a simple question. \u00a0What is an example of Goal for the day? 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