Every trader needs day trading goals. Whether it’s financial, time with family, or another personal goal. Goals are defined as something desirable, and objectives provide the foundation for measurement. Goals help motivate us to develop approaches that will enable us to perform at the required level to get to our objective. It is important to have goals because they tell you what you want from life. They also help you realize what you need to give up to hit your target. Something that most of us aspire for in life is to be successful. And this same concept applies to trading.
Would you enter into a marriage that you knew would end in divorce? The answer should be no if you really want to be happy and successful in life; the same can be said about day traders. Day traders aim to enter into a trade with the intent of accomplishment, not failing. Just like in a marriage, you need to put in work for it to grow, the same can be said about improving on your trading. We will go over a few goals that could help you become a better day trader.
Strategy
Strategy is a plan of determining actions to achieve goals. Consistency in trading begins with focusing on one strategy and learning it inside and out. This strategy can be learned with the MK Trading program and using the thinkorswim platform. The great thing about the thinkorswim platform is by using demand you can practice. You can go to any previous day and pretend as if it was the money you were trading with. It’s recommended that you trade a number of contracts that you would normally trade on demand as you would in your account. The reason for this it keeps it as realistic as possible; why would you practice with 100 contracts if you really only buy 2?
When you look at your charts before you start your trading day, it’s important to do some key things to increase your likelihood of success. Start off by labeling your resistance and support zones. Looking into trends of upwards or downwards and how was the volume in previous days. Looking at weekly and daily frames also helps you identify zones that have been tested several times. Why would this be important? If a zone has been re-tested 4 or more times in the week, this zone would be a huge indicator that it is an area to look out for because it may hit again.
Journal
Writing can help you reflect on your experiences and helps you learn from them. This is because when you write what you are thinking, it now becomes visual. It brings your thoughts to life and allows you to analyze, break things down, and opens up the opportunity to expand on something you wrote. Tracking your trades is very important to see your growth. If you have nothing to compare it to, how do you know if you are growing?
Journaling keeps track of your trades and helps you remain accountable. Be consistent and log your trades daily, so you can learn from them. Start journaling before the day starts by looking at zones from the previous day. Keep notes as the day progresses on market shifts. At the end of the day, compare major zones that day and week; it will help for the next day’s trades. The journaling helps establish patterns, which will help narrow down zones for profitable trades and minimize risk.
Emotions
It’s been said time and time again, that your emotions are a huge part of day trading. Emotions can play an important role in how you think and behave. When you don’t question your motivations and emotional state, you become vulnerable to poor decision-making. Emotions can make a trader over trade, trade impulsively, or participate in revenge trading. They can also make a trader miss trade after trade, hesitate, chase the market, enter late on a trade and take premature profits.
One winning trade doesn’t mean you are a successful trader, and neither does losing one trade tell you it’s time to call it quits. Every trade has the potential to go against you; you can’t control which way the market will go. However, you can control how you respond to a losing or winning trade. Focus on the bigger picture instead of day to day; look at your profit and loss for the week and month.
Let the trade come to you; there is no need to chase them. Not every day will be a good day to trade, and that is ok; you just need to read the market and stick to your strategy. When you deviate from the strategy is when you affect your capital. Would you have rather sat back and watched the market, or jumped in too soon and lost money? The market isn’t going anywhere; there will always be opportunities in the future.
Summary: Day Trading Goals
Let’s put into perspective what you just learned about goals and day trading. If you want to lose ten pounds, you would need to put a plan in place. You would have to calculate what your calorie intake should be, how much cardio you should be doing, and how much weightlifting you should incorporate to be successful. The same applies to day trading. You have to work on your strategy by practicing, you need to journal, and you have to control your emotions.
In your weight loss journey, there may be days you weigh more or plateau where you can’t drop any more weight. The same applies to day trading. There may be days you have more wins and some days you lose. But both with weight loss and day trading, how you pick yourself up and deal with those bumps along the road will set the path for your success.
My goal has always been to help as many day traders achieve their personal financial goals, whether they are novice traders or experienced traders. The MK VIP training has plenty of resources to help you get started on reaching your day trading goals. I can teach you a strategy that if you put in the work and practice, you will be successful for at least 80% if not more of your trades. I even created a journal template to help you track your trades that you will have access to through the program. The only question that remains is are you ready to put in the work to achieve those results?
To Learn More
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a (FREE E-BOOK) by Maurice Kenny, “DAY TRADE LIKE A MILLIONAIRE.”
