Setting goals in trading can be a tricky thing. It isn’t that you can’t set them; it’s that achieving them can be very difficult, and the first rule of setting goals is to initially set goals that can be achieved easily. Doing this helps build a base on which future success can rest.

The first goal that most people make when they start trading is a dollar goal. This of course is the most difficult type of goal to achieve. The trader doesn’t have any control over the market. You may set a goal to make $5000 this month, but if the market doesn’t produce the trades to reach that point, you have failed in reaching that goal.

Instead of setting goals you have no control over, set goals that you have total control over, and let the rest come. Here is a great goal that is easily achieved and can produce astounding results.

“I will take every trade set up that meets my trading strategy’s criteria.”

This goal can be measured and analyzed. You can look back over the week, month, quarter or whatever time period you want to, and easily measure your success or failure. It also leads into other quantifiable results. If you took every trade that your strategy called for and you consistently lost money then you know you need to adjust your strategy.

Setting goals and achieving them will be the second most profitable thing you can do in trading. The first is always a journal.

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