I have things that I want and goals to achieve just like you do I am sure. I want to be a great trader and I want all the tools to make me a great trader. In trading and in life it is important that you set goals so that you are able to measure your progress. I have always set goals in my life and it has helped me achieve many plans and I now set goals for everything. However I just learned about the concept of rewarding myself for achieving those goals from my friend Michael Storm.
This will give you added incentive to stick to your plan and follow your goals. It can be something simple like, if I am profitable this week I will take my family out to dinner. These goals can also be long term such as to earn 10% increase per month for a year. Incorporate your goals into your trading plan and it can help you long term in accomplish tasks or overcoming obstacles and when you write your goals down incorporate the reward into the plan.
I have incorporated rewards into my goal setting strategy. Currently I am trading with one computer with one monitor and my good friend Michael is always saying get more monitors it will help your trading. So my goal is to hit 30% increase for the month of February in my account balance. If I achieve that goal in my trading I will buy myself a new computer with multiple monitors.
This computer is no joke. I am going to buy the falcon f-25 from trading computers.com and it costs $2,399. I am also going to get 8 monitor array for $2,204 these prices are quoted directly from their website at Trading Computers. My total investment is going to be about $4,600 so I cannot afford to buy this unless I achieve my goal. When setting up rewards make sure that you don’t buy the reward before you reach your goal.
I really want the computer now but I am going to show discipline and wait and see if I achieve the 30% profit level. If I buy early I am cheating myself just like if I make a trade early I am cheating myself. I will keep you updated write here on this blog at the end of the month to see if I make my goal. Who knows if I make my goal this month I will set a goal next month. I might make my reward a new car if I can hit my goal in the following month. Have a little fun with it and work hard and trade well.
Root for me that I hit the goal this month and set some goals, rewards for yourself and share them in the comment section.
Winner’s Edge Trading, as seen on: