Millionaire Roadmap is a community stacked with brilliant traders committed to helping each other. One of those traders is Nathan Bear, he turned $37K into $1.5M in just two years.
I’m proud to have him in MR, and I’m especially proud that he is now helping others try to reach the same level of success he has. But he’s not the only one… Taylor Conway, a former member and now mentor, turned a $10K account into $1.5M… he’s teaching his market-beating techniques in MR.
Sharing is caring.
Here’s the thing…
Why is that so important?
The strategies and charting tools we use are not proprietary…there is no black box we are hiding behind.
In other words, success is repeatable.
However, if you have a small account with hopes of turning into a large account in 2019, the same way Taylor and Nathan did, you need to set the right goals.
Goal setting is the first step of the process, but if you stop there, and don’t take action you ’re going to remain stuck in the same place. If you’re ready to set goals, pat yourself on the back, but remember, there is more work ahead (but it’s so worth it).
Now, here are some ways to improve your chances of successfully achieving your goals.
When your goals are transparent, you know what you’re trying to achieve. There’s no complexity surrounding your goal, and ultimately no excuses.
How do you go about setting goals?
Well, grab a pen and a notebook – or laptop – whatever you want…just make sure your goals are documented.
You need to be as detailed as possible when you’re setting your trading goals.
When you’re writing down your trading goals, ask yourself these questions:
- Are my goals specific or are they too general?
- How can I measure my goals? Do I have a profit goal for the year?
- Are these goals realistic and attainable, or are you reaching too far?
- Are my plans relevant?
- Am I time-bound? (Do you need to achieve these goals within a specified time frame?)
Here’s a look at an example goal:
I want to go from trading 200 shares per trade and risking $100 and double that.
Here is a dialogue you might have with yourself as your going through the steps:
“During the half of 2019, I want to identify my strengths and weaknesses. Once I figure this out, I want to size up and make more money trading my best ideas during the second half of 2019. Moreover, I’ll be looking to grow my account size by at least 20% this year.
In order to achieve these goals, I will be journaling and categorizing all of my trades.”
Hold Yourself Accountable and Seek Feedback
Now, it’s not enough to just set trading goals, you need to be held accountable. How many times do we hear people setting goals, only to give up a few weeks later?
But how can you be held accountable?
Well, finding a mentor or trading community helps. Also, if you let other people in on your goals, they are less likely to be broken, because you are making a promise to someone.
You see, there needs to be feedback with goal setting.
Without feedback, how do you know if you’re progressing or backpedaling?
Feedback provides you with the opportunity to clarify your expectations and adjust your goals.
Schedule time to analyze your progress and journal, and make adjustments along the way as you figure out what’s working and what’s not.
For example, let’s say a trader and a mentor schedule time to talk once a week about goals.
Here’s how the dialogue might go:
Trader: “This week, I wasn’t able to consistently manage my risk well, and have been losing more than what I intended. I went from trading 200 shares to 400 shares and also doubled my risk per trade”
Mentor: “Well, did you ease into the larger position and risk, or did you just instantly get into 400 shares?”
Trader: “I just slammed into 400 shares, and managed the risk by myself.”
Mentor: “When you’re trying to trade bigger, you need to ease into it. For next week, maybe think about cutting your size down and gain confidence trading with 200 shares. Once you’ve done that, we’ll schedule another meeting to discuss how you’ve been doing, as well as talk about ways to better manage your risk.”
When you get feedback, you can check how well you’re doing, and if you find the goals are not realistic, you can make adjustments.
It’s A Sprint Not A Marathon
There will be bumps along the road. It’s a long season, consisting of more than 250 trading days in a year. Being part of a community can help you during those trying times. By helping each other… we build each other up.
That’s how it works. Heck, in some cases, the student has become the teacher. My top student, Kyle Dennis has averaged over $1M in trading profits over the last four years. And he’s not even 30 years of age yet.
That said, Kyle is giving a live presentation on goal setting tomorrow at 8 PM EST. And believe me… when he speaks I listen. This talk is specifically catered to those who have small accounts, I can’t wait.
The diary of a real $ trader,