Goals: Profitable vs Unprofitable Traders

...continued from yesterday

Today's blog is the fourth in a series of articles about a study mentioned in the blog on Monday February 5, 2007 entitled "Commitment & Passion Don't Distinguish Winning Traders From Losing Traders".

Another finding in the study was that goals distinguish the profitable traders from the unprofitable. Both groups set goals, just different types.

Profitable traders set money management type goals as well as stop loss goals. These are performance type (aka "process type") of goals.

Unprofitable traders set get rich quick type of goals such as turning $10,000 into $1,000,000 quickly. These are end results type (aka "outcome type") of goals.

continued tomorrow ...

Copyright 2007 Raymond T. Lee. All rights reserved.
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