Marginal Stock Trader SMART Goals and Plan

DAY TRADING is the way we want to earn a living and hopefully become wealthy within a definite time of our choosing.

Beginning marginal stock trader
For the beginning marginal stock trader, before we ever make a single trade, we need to determine what our goals are. This is the expert advise of Markus Heitkoetter, author of the international bestselling book The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach.

Goals and plan
" What do you hope to achieve with your trading activities? Why do you want to trade?" says Heitkoetter, are the probing questions we need to ask ourselves. The author then talked about the three important steps about how to define our goals and make a plan for our day trading endeavors.

Learning applied
Here is how Marginal Stock Trader applied the suggestions for defining goals and making a plan for his day trading activities. This post will describe the details of the First Step:

• Define your Specific Measurable Attractive Realistic Timeframe (SMART) goal:

"I want to make 12,500 pesos per month with day trading."

Specific		the peso amount of 12,500 is very specific
Measurable		the balance of our trading account at the beginning of the month and at the end of the month is the easiest way to measure the achievement of our goal
Attractive		the extra income of 12,500 monthly looks attractive to me
Realistic		our trading account right now may not be big enough for us to realistically trade enough shares to achieve our long-term trading goal, but if we follow the steps outlined in the book, it’s very possible that our long-term goal, Heitkoetter assures us "WILL become realistic in the near future."
Timeframe		obviously, the timeframe is 30 days when I say we make an extra income of 12,500 pesos per month

The application of the Second and Third Steps that will be discussed in the succeeding posts were as follows:

• Make a Plan
• Execute the Plan