Link: Smart Goals vs Dumb Goals for 2009

Dec 21, 2008: 9:39 AM CST

I came across an excellent post at the “Stand Out Blog” that I wanted to share with you all, which is applicable for all of us in different aspects of our lives, but especially in trading.

Entitled “Smart Goal Setting for 2009,” author Tom provides us a list and also distinguishes between “SMART” goals and “dumb” goals – we should be aware of the subtle differences.

For example, which of these two goals would be considered a “smart” goal:

“I want to make more money next year trading than I did this year.”

or

“I want to take at least two low-risk, high-probability, objectively defined trades per day (or week)”

Clearly, you’ll have a better chance of making more money if your goals are well-defined, specific, and realistic.

Tom defines how to distinguish between a “dumb” (vague) and Smart goal.  He notes that the acronym “SMART” stands for the following aspects of goal setting:

Goals must be…

Specific
Measurable
Attainable
Relevant
Time-Bound

He then expands the post to describe examples related to each characteristic.

As we wind down 2008, check over the goals you set early in 2008 and see how you measured up.  What if you didn’t set good goals for 2008?  No problem – 2009 is a fresh year just ahead of us.

Start setting your trading (and life) goals today!

Corey Rosenbloom
Afraid to Trade.com

8 Comments

8 Responses to “Link: Smart Goals vs Dumb Goals for 2009”

  1. Mark Says:

    I love your site man! Lots of good honest commentary. Its quite a rare thing to find someone willing to share as much knowledge as you share on this site. Keep it up! As a side note, I see you stay in Chicago. Although I reside in Texas now, Chicago will always be considered “home” for me. Stay warm out there man.

  2. Corey Rosenbloom Says:

    Mark,

    Thank you for reading!

    I actually reside in Alabama – where it’s decently warm in the winter like Texas. I visit Chicago from time to time to visit friends and colleagues but I’ve learned never to do so in the winter if at all possible.

    Though I’ll probably move there or a larger city eventually, I’ll probably always call the South ‘home.’

  3. Mark Says:

    Sorry about that Corey. Seen your pic in front of the skyline and just assumed. Anyways, nothing wrong with the South. Half my family lives in the South, and it is definitely warmer! lol

  4. Corey Rosenbloom Says:

    I think the ideal place to set up shop is probably Florida, if you don’t mind being away from the hustle/bustle of financial capitals NY or Chicago. Sunny weather year-round, no state income taxes, friendly environment/people. Quite a few pro traders have their base in Florida. Something to consider.

  5. Tom - StandOutBlogger.com Says:

    Thanks for mentioning my post! Hopefully it can help your readers set smart goals for 2009 😀

  6. Dan Says:

    If you’d like a tool for setting your goals, you can use this web application:

    http://www.Gtdagenda.com

    You can use it to manage your goals, projects and tasks, set next actions and contexts, use checklists, schedules and a calendar.
    A mobile version is available too.

  7. Corey Rosenbloom Says:

    Tom,

    Thank you for stopping by! Excellent post – I was trying to come up with a catchy way to make goal setting easier and stumbled across your post and had to share it. Top notch work!

  8. Corey Rosenbloom Says:

    Dan,

    Looks very promising! I’m signing up for an account there today. Thank you for sharing the link!