What are your objectives?

Published on 6 January 2021 at 11:00

What are your objectives?

That is one of the very first questions I ask when starting a new client into mentorship. What surprises me is the answers I get. To make money is one of the most given answers to that question.

How much? 

If they tell me as much as possible, I know I’m gonna need some time on making things very clear about how trading works.

All though there is no real limit on how much money you can make, you must think about your objectives. 

If you want to make, let’s say, 20% a year, are you willing to risk 20% of your capital to obtain that goal?

How about a draw-down of 40%? How would that make you feel?

Or what about time spend on trading? Do you want to glue yourself to a screen for 15 hours a day? Or do you want to have the freedom to only place orders once a day/week/month and be free to do other things?

There are no right or wrong answers, only the right answers for your situation.

 

All these questions lead to answers that are personal to your situation and how you think.

All the answers that come from these questions are necessary to develop a system that will fit your objectives. Only when you know your objectives, you will know how to develop a system that will fill the need of your objectives.

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