= = = = = = = Top trader Steve Cohen hired him; how ever Steve Cohen averaged 90% yearly , for 7 years before fees & before Ari. Its been proven writing down business goals pays, like Ari says ; however only in the dictionary does sucess come before work. Takes time. =================================== Hunter quote on technical analysis''Squiggly lines AND numbers'' Hey Hunter surfer + David family.
I am not a veteran trader, but I would like to comment anyway. As I had mentioned in an earlier post to this thread, setting a dollar goal for a specific DAY is absurd. Each of us has our own way of trading. We look for certain things before entering a market. If these preconditions do not arise on a given day or in sufficient number, how do you propose to go about making this dollar goal a "reality," as Dr. Kiev urges? Potentially, what you have here is a recipe for overtrading at the worst possible time as it relates to your method of trading. Successful traders know when NOT to trade. Dr. Kiev does not trade for a living. Draw your own conclusions. Regards, Thunderdog
I agree with you. But, I have found a way around the problems - set weekly or monthly goals instead. For me, weekly goals work well...my method provides enough set-ups over the course of a week to make that number without overtrading. Some weeks, the set-ups come every day. Some weeks, they are relegated to two or three days. Have a good Friday all.
============================ Thunderdog sounds like a good Hunter name, Hunter out figured Dr.; specifics, I write down[$ monthly, $ yearly goals], its proven. ======== With all due respect; do have a daily goal of 12 hours work [+ or < ]approximately. Dont write off walking & hunting but i consider them both part of my business plan . Prefer Drs Tharp,Dobson, Elder for the following reason; Dr.Ari Kiev quote ''5% [five%] of his trades [steve Cohen]account for virtually all of his profits.He is also willing to cut his positions when he is wrong'' Excellant quote Dr Ari, on letting profits RUN !!!; simply see many more of quotes like that in Dr. Van Tharp books.
thnx murray t turtle & all the others that have responded so far ... i like Dr K Tharps work also, goes also for M . Douglas but who's Dobson ? any other suggestions for a newbie trader ? regards, paulus
I thinks goals can work, and even specific dollar amounts. If you have a plan and a method, and you know it works good enough to be profitable, even then, the hardest thing to do is the right thing. If you use goals the right way, they will help. Let's say your trading method makes you 100 dollar a day. To make some real money you really have to scale up. You know it, but it is outside you comfort zone. A specific dollar amount - or a goal in general - could 'force' you to take the next step, or find ways to get there. You set your goal, make your plan, evaluate your result, and keep adjusting your plan until the goal is reached. This basic process does not work if you leave out any part of it. And I can tell you, it works for me!