I'm just polling a topic which often crops up.
I don't want to overthink this with issues like needing to pay the bills, we'll call that a milestone rather than a target for the purpose of the poll.
Entries can be changed so I've also allowed for a second tick which can go in the bottom box. It might be interesting to see how many that selection gets.
My initial instinct was 'No target', it is what it is. But there are psychological advantages to having acheiveable targets, so for now I'm undecided.
Quick Poll : Targets
Sean - i voted *no target*. the reason being, when i 1st started doing this, i had a very set vision on what i was after. basically, i wanted to replace my contract rate so as to effectively be able to not have to trek down to london every other week (work remotely, based in sw scotland) - lol. my initial targets were not tempered by the fact that i got VERY lucky early on and seemed to be making a decent amount for simply pressing a few buttons. that's when it all started to roll back down hill. i had a few losing days which dampened my spirits, followed by a fallow period which was frankly depressing. this is when i realised that targets, although essential in some ways, was actually destructive (for me anyway). I therefore took a year out and committed a portion of my savings to trying to make it work without money pressures. I discovered that i didn't have the discipline to manually trade, which was useful.
Automation was the way fwd for me and i spent that year honing lots of failed strategies, both mechanical and stats based. roll fwd another year and i still run everything on auto but have returned to my other work, mainly because aiming for targets adversely skewed how i was perceiving the opportunities that are presented on BF.
I now attempt to make a little from the nags but feel that football (for me) holds the best promise as i instinctively *get it* in that arena. My gains (rather than targets) vary a lot and still wouldn't support a lifestyle that could be considered lavish, however, the pressure of not having to hit targets is why i'm still here. Bit by bit, i'm solving some of the puzzles that alluded me a few years back and know that at some point in the coming year I will realise that some of my imagined *targets* will be getting hit. this won't be due to setting targets but will be more part of the organic growth of a few years hard labour !!
Automation was the way fwd for me and i spent that year honing lots of failed strategies, both mechanical and stats based. roll fwd another year and i still run everything on auto but have returned to my other work, mainly because aiming for targets adversely skewed how i was perceiving the opportunities that are presented on BF.
I now attempt to make a little from the nags but feel that football (for me) holds the best promise as i instinctively *get it* in that arena. My gains (rather than targets) vary a lot and still wouldn't support a lifestyle that could be considered lavish, however, the pressure of not having to hit targets is why i'm still here. Bit by bit, i'm solving some of the puzzles that alluded me a few years back and know that at some point in the coming year I will realise that some of my imagined *targets* will be getting hit. this won't be due to setting targets but will be more part of the organic growth of a few years hard labour !!
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Process > Results.
If you're orientated around results / targets, there's some psychological risks that will eventually impede you if they take a grip.. targets can't be met in a random environment. We're in the business of failure (and succeed), trying to meet targets when you can't control the outcome isn't sensible, ultimately, you might/will feel the need to trade out of a need to meet your target, rather than doing what is right or in your plan or strategy. That's not to say we're all stupid if we have targets, most people perhaps are very capable of accepting they won't meet a target and continue to follow their plan, just that's the risk..
I prefer setting a target that's associated with my process and my ability to execute it and accept the ebbs and flows. Instead of, I target £10k this month, my target might be, I will be consistently patient waiting for the right prices or set up... and so on.
If you're orientated around results / targets, there's some psychological risks that will eventually impede you if they take a grip.. targets can't be met in a random environment. We're in the business of failure (and succeed), trying to meet targets when you can't control the outcome isn't sensible, ultimately, you might/will feel the need to trade out of a need to meet your target, rather than doing what is right or in your plan or strategy. That's not to say we're all stupid if we have targets, most people perhaps are very capable of accepting they won't meet a target and continue to follow their plan, just that's the risk..
I prefer setting a target that's associated with my process and my ability to execute it and accept the ebbs and flows. Instead of, I target £10k this month, my target might be, I will be consistently patient waiting for the right prices or set up... and so on.
- ShaunWhite
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I voted 'no target' but it really depends on how you define a target. There's nothing wrong with having a target of any length as long as it's nothing more than an aim/prediction and doesn't affect the way you trade. Any daily target should be an average daily target.
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I voted no target and monthly
When I first went full time I had a mortgage and kids to pay for so naturally thought in terms of when bills come in to make sure you can cover them. But at the end of the day you can't force the market to give you more than your abilities so that becomes akin to chasing and eventually self defeating. Your only real option is to up the number of markets you play or hours you put in the same as anyone else doing overtime. I'm actually quite surprised that my monthy income is pretty steady and doesn't vary too much month on month, weekly is more variable. I dump my pnl weekly to a database that gives me an idea of my probable PC due and also the rolling monthly pnl
When I first went full time I had a mortgage and kids to pay for so naturally thought in terms of when bills come in to make sure you can cover them. But at the end of the day you can't force the market to give you more than your abilities so that becomes akin to chasing and eventually self defeating. Your only real option is to up the number of markets you play or hours you put in the same as anyone else doing overtime. I'm actually quite surprised that my monthy income is pretty steady and doesn't vary too much month on month, weekly is more variable. I dump my pnl weekly to a database that gives me an idea of my probable PC due and also the rolling monthly pnl
Say you need to make £100 a day and you are on £10 with two races left?
Setting a target can force your hand psychologically. If the markets are rubbish, there is no way you can magically make them better. So trying to 'catch up' is a nightmare scenario and can put a lot of pressure on just at the moment you don't need it.
Conversely, if you having a great day and are really in zone, then stopping when you have hit your target is a perverse idea.
Longer term, to take pressure off your trading. Set a target over the longest time period possible. Say you need to make £1000. £1000 a day is unrealistic apart from an elite trader. £1000 a month on 1000 races is much more realistic at £1 a race. So the timescale can have a massive impact on your mentality and target.
Setting a target can force your hand psychologically. If the markets are rubbish, there is no way you can magically make them better. So trying to 'catch up' is a nightmare scenario and can put a lot of pressure on just at the moment you don't need it.
Conversely, if you having a great day and are really in zone, then stopping when you have hit your target is a perverse idea.
Longer term, to take pressure off your trading. Set a target over the longest time period possible. Say you need to make £1000. £1000 a day is unrealistic apart from an elite trader. £1000 a month on 1000 races is much more realistic at £1 a race. So the timescale can have a massive impact on your mentality and target.
I sort of have an annual target. But I don't consider it a target as such, but use it more as a measure of performance.
If I manage to profit more than I did last year then I know I'm still growing and progressing, and my personal challenge is to find ways to grow year on year if I can. If I don't manage to beat last year (or know that my chances are getting slimmer as the year progresses) then it serves as a point to re-access why I'm losing my edge, and that helps to inspire new ideas and innovation as well. For some reason each year I think I'll never be able to beat the previous year, but so far I've always found a way to scale up.
If I manage to profit more than I did last year then I know I'm still growing and progressing, and my personal challenge is to find ways to grow year on year if I can. If I don't manage to beat last year (or know that my chances are getting slimmer as the year progresses) then it serves as a point to re-access why I'm losing my edge, and that helps to inspire new ideas and innovation as well. For some reason each year I think I'll never be able to beat the previous year, but so far I've always found a way to scale up.
Also, have a think about seasonality. In the summer racing markets, you are bound to find a good opportunity across the six or so cards on during the entire day.
In the winter, you may only have two low-quality meetings on and struggle to find any opportunity. Your target has to be different to reflect the underlying opportunity.
In the winter, you may only have two low-quality meetings on and struggle to find any opportunity. Your target has to be different to reflect the underlying opportunity.