038 – Trading goals with Kevin Davey

What are you goals for 2016?

Happy New Year!

The start of a new year is typically the time when people review their accomplishments and progress for the past year, and make fresh plans for the year to come.

I thought it might be good to do a quick bonus episode with someone who knows all about setting goals and achieving them. That person is trading champion Kevin Davey, who was a guest of the show on Episode 5.

Now this is a bonus episode so it’s a really short one but it’s full of great information, including the importance of goals in trading, common mistakes traders make when setting goals and the process to creating good goals.

Whether you’re an accomplished goal setter or just starting out I think you’ll find value in what Kevin has to share with us today so I hope you enjoy this short chat on goals in trading.

In this episode we discuss

  • Why it’s important to have goals in trading
  • The impacts poor or non-existent goals can have on trading success
  • The types of goals appropriate to traders
  • Common mistakes traders make when setting goals
  • An easy way to create good goals
  • How to determine if your performance goals are attainable
  • Why some traders get hung up on goals that aren’t relevant
  • Why you need a time limit on your goals

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How to create smart goals

Watch Kevin’s free webinar on Trading Plans for 2016

Every year Kevin holds a free webinar on Trading Plans, helping traders set themselves up for the year ahead. If you’d like to watch a replay of the webinar for 2016, hit the big blue button below!

Yes please, show me the replay!


Top tips from this episode

Here are few of my favourite takeaways from the chat with Kevin:

  • Outcome-based goals – when setting outcome-based goals we need to make sure the outcome is something we can actually control, aiming for a particular return could be difficult to control depending on market conditions so a process-related goal may be more appropriate in this case.
  • Performance-based goals – if we do want to include performance-based goals, a good way to determine if the goal is realistic is to check the performance results of other professionals, like fund managers. There are a couple of websites that report fund manager performance so that would be a good place to start.

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