I wanted to share a quick technique that you can use to better achieve your goals.
First, keep in mind the SMART paradigm when defining your goals: Specific, Measurable, Attainable, Relevant, and Time Bound.
Second, make a commitment to an accountability partner that you will achieve that goal.
Third, define penalties that you will face if you miss your goals and rewards you will receive if you make your goals. I suggest using combination of penalties with a mind toward making the penalty task relevant to your success, i.e. if your goal was to make progress programming then it makes sense at least some of your penalties accomplish that goal.
Fourth, give yourself an extension if you meet minimum requirements. Instead of trying to set realistic goals, make commitment requirements and give yourself extensions as you make progress toward your goal.
While true that we cannot control the outcome of our trading, we can control some things. We can set small goals such as getting up for the open, doing a pre-market analysis, taking notes, testing our ideas, and practicing. These small steps can add up to bigger wins over time.
Let me know if you use an accountability partner and if you are finding it is working well for you
The author is passionate about markets. He has developed top ranked futures strategies. His core focus is (1) applying machine learning and developing systematic strategies, and (2) solving the toughest problems of discretionary trading by applying quantitative tools, machine learning, and performance discipline. You can contact the author at firstname.lastname@example.org.
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