There is an old saying in business: Ask any trader who makes money on a consistent basis and they will tell you, "You have two choices:
Needless to say, just about everyone has toyed with a progressive table at one time or another and pondered possibilities.
How much fun that would be. What if we held ourselves accountable to the concept of steady, consistent performance unattached to market behavior? If so, would it make sense to judge our individual performance against any other measure? Too many times a trader will be their own worst boss when it comes to judging performance.
Holding oneself accountable to unreasonable standards only leads to one end: On the other hand, if we can visually see that small to modest incremental growth does lead to potential results acceptable enough in the end, that can serve as a guideline of measure to keep us grounded.
There may be slight to vast differences when in comes to emotional management with small accounts versus large, but the science or math goes unchanged. Summation Traders need some sort of measuring stick to follow as a guide for measuring performance and production.
It cannot be ridiculously low or unreasonably high to achieve. Basing some type of table on personal ability, potential from market s traded and other known variables are pulled together for comparative measure. That type of baseline gives us permission to target realistic goals rather than unrealistic or even unstructured goals of performance.
Many traders desire while others eschew such business plans. How we get there and why is up to each of us along the way. Austin Passamonte is a full-time professional trader who specializes in all commodity markets.
Austin trades privately in the Finger Lakes region of New York. Click here to visit CoiledMarkets Filed Under: You can find more of Austin's work at his website CoiledMarkets. Company Info Hudson St.Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News.
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A business plan is one of several important plans you should have when you are starting a business, the others being a marketing plan and a financial plan.
Your business plan should pull all three of these plans together, incorporating elements of your marketing plan and your financial plan into a comprehensive document. IF YOU DOWNLOAD THIS PLEASE LEAVE A COMMENT / REVIEW.
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