Graphic Source: John Piper, "The Way to Trade"
(奇摩原貼：2010/03/12)
金字塔最底端. 最重要的YOU [你], 在這一篇已經說過了
接下來要說的是緊鄰其上的自我承諾 (COMMITMENT), 在我的理解裡把它視作是 [目標設定].
Cite the "Project Marathon—Objectives", by RJ Hixson
I started this year differently with my goals well thought out, written down, and visible at my home desk and at my work desk. My goals include ones for the other areas of my life beyond trading. For the purposes of this article series, though, we'll focus on the trading side.
Importance of Objectives
Van emphasizes the importance of clear and well thought out objectives, even going as far as to say that 50% of your planning work should be spent by working on and clarifying your objectives. Once you know exactly what you are trying to achieve, then your mind is free to focus on the strategies to get there. I have now reworded that objective as follows: "I allow myself to net more than 131R.” First, I'm not shooting for 131R, I'm shooting for more than 131R. Were it worded as “Make 131R,” then that 131R could become a sub-conscious psychological limit if I get there or even if I got close. 131R is my minimum and the top end remains open. The second aspect of that rewording is that initial phrase "I allow myself . . . ". Allowing originates from a standpoint of courageousness or acceptance rather than doubt or fear.
(Side note: Another valuable lesson from Sedona is to eliminate the word “want” from any goal. Any goal with the word “want” in it means that you achieve the goal in your sub-conscious. Kind of quirky, but that’s how the subconscious can seem.)
Results vs. Process
The 131R goal is an example of a results goal—it’s a destination. There’s another kind of goal that Van says traders should focus on: process goals. By focusing on doing the little, necessary things, the big things tend to happen. For new traders, all first year goals should be process goals. Unlike the endpoint or finality of a results goal, a process goal relates to recurring activities to accomplish. If I execute on the daily training, then I boost the chances dramatically for achieving the result goal. Some sports coaches give only process goals and not results goals for their athletes—even for competition! The coaches set process goals to perfect execution at each stage of competition rather than any score or performance relative to competitors.
Non-Profit Trading Objectives
In trading, it’s all too obvious that you can set a profit related goal for the year, but there is a whole range of trading areas to consider when setting goals. Examples of some other non-profit related trading goals might sound like this:
- Work on the weakest area of my trading (knowledge, technology, psychology).
- Read more than ____ books on trading, traders, strategies, and markets.
- Improve my position sizing strategies (to mitigate drawdowns, use market’s money, etc.).
- Develop more than ___ new systems this year.
- Improve current systems’ performance by more than _____%.
- Retake the Peak Performance Home Study Course.
- Find some other traders and exchange ideas and experiences with them regularly.
- Learn what would be needed to trade a market or instrument that I don’t currently trade.
Conclusion
It has been a great experience for me to think through and really flesh out a strong set of goals for 2010. I also expect the process so far will have a great effect this year on what I achieve. There are daily, weekly, and monthly actions for me to take in pursuit of my goals.
Cite the "Trade Your Way to Financial Freedom", by Van K. Tharp
TOM BASSO ON OBJECTIVES
1. Self-Assessment
2. Define Your Objectives
a. Objectives for lndividual investors and Traders
b. Objectives for Trading Advisors
3. Trading Ideas
I only concentrate on liquid markets. If I didn’t concentrate on these liquid markets, then we’d have a very small capacity-not the several billion dollars we’re shooting toward.
Entry is probably the least important component of my trading. I want to enter the market when there is a change of trend. At that very instant-when the trend changes-the reward-to-risk ratio is the best it will befor the rest of the trade.
Stops should be a violation of the reason why I wanted to get into the trade in the first place. And, yes, I always have a way to get back into the trade. My stop is a function of the market and what it’s doing. It’s only indirectly related to risk-unless the risk is too big for me to even take a position. I control risk as part of my money management.
I set up a portfolio of instruments to be traded at set risk and volatility limits as a percentage of equity. I monitor the amount of initial risk and volatility and keep them at set limits. In addition, I keep the ongoing risk and volatility at fixed percentages of my equity. As a result, I always know how much fluctuation can occur in my portfolio overnight and it’s well within my sleeping limits.
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