We’re always told to set goals, but after we achieve them, then what?
Most people don’t think too far down the road when it comes to their goals — they tend to ease up and lose focus after reaching a bit of success… not knowing what to do next… they lose their momentum and have to start back up again.
While there are several goals we can set for ourselves as traders there are several obvious ones that stand out. For example, setting profit goals.
I specialize in growing small trading accounts and training others on how to do so too.
I’ve taken on multiple small account challenges… and at the end of every step, I had a plan.
Most recently, I started with $3,000 in mid-June… and by Oct. 10, I was nearly at a milestone — the $25K mark… which will allow me to actually day trade.
… and that got me thinking about what I was going to do for an encore.
So I put together a plan that I’d like to share with you. Included are some useful tips for anyone interested in properly setting trading goals.
Before I get into some of the details of how to plan after you’ve achieved a big goal…
… I want to give you a bit of background information and the mentality behind becoming a super-achiever.
In my first small account challenge last year, I wanted to take less than $10K into a small fortune. So I decided to put $6,700 and use my Supernova trading system… and just a few months later, I turned that into $25,100 (a 275% return).
At the end of that, I decided to reset that account and cash in… you see, my goal wasn’t to turn that $25,100 into 7-figures. Instead, I wanted to prove to everyone that it doesn’t matter how much money you have… you could still build a small fortune trading stocks.
So what did I do?
I reset and decided to take on another challenge… I cashed in on my earnings, and reset… this time starting with just $5,000…
…I took that and turned it into $16,000… and I repeated the process, turning a $5,000 account into $35,000.
The point of these small account challenges is so that you can have a goal in mind… and once you get there, you reward yourself… and just repeat the process over and over again… at least that’s how I think of them.
Rinse and Repeat Affords You With Some Luxuries
So what’s the thought process behind rinse and repeat?
Well, this really allows you to not psych yourself out. You see, once you reach a certain point and want to trade bigger, it’s a different game than you’re used to.
Before, you may have been risking $200 or $300 on a trade… but what happens when you’re risking $1,000 – $1,500 on trade after you’ve sized up?
The mentality is different.
So rinse and repeat is a simple way of paying yourself and not handing it all back to the market… because you’re familiar with the process already, and the second time around is a lot easier… and so on. If that’s more of a lifestyle you’re into, then, by all means, do that.
This process has afforded me some luxuries, like a luxury pool you might see at some resorts…
… and a dream vacation…
… but that’s just me.
I like to rinse and repeat, taking on small account challenges with my Supernova clients — trading together in the trenches.
That way, I could still pay myself and help everyone in the chatroom… because it’s relatable when we have similar account sizes.
But what happens if your goal isn’t to rinse and repeat as I do?
What if your goal is to actually trade bigger and turn $25K into $250K?
Well, it might surprise you that I have thought about that… but I’m on the fence. However, I will share my best ideas on how to approach that.
Second option after you’ve achieved your goal — size up and look for new strategies.
Now, if you want to trade bigger… it’s a completely different process.
A lot of traders who want to start trading bigger and making more money just throw on a massive position… thinking they’ll magically make money on it.
However, if you want to size up on your trades, it should be a progression. In other words, if you were used to trading a certain position size, maybe bump it up by a certain percentage to get comfortable.
For example, if you’re used to risking $500 per trade, maybe consider increasing your size and risk $600 per trade.
After every trade, make sure to journal… and review as you go along the way.
Basically you want to see a pattern of better performance. If you’ve been consistently making more money with a larger position size/risk limit… then move on and try to risk $750 per trade the next time… then $900, and so on.
That way, you don’t pressure yourself and prevent your account from being destroyed by trading bigger.
Just think, if you doubled your risk limit right away and had a string of losers… you could easily lose half of your account.
So slowly increasing your position size/risk limit over time is one crucial step.
Since I’m so close to breaking that barrier, I’m going to be locked and loaded — stalking my best patterns and developing a plan of attack that’ll allow me to find Wall Street’s biggest gainers AHEAD of time.
If you want to take the next step and build your account at an exponential rate, check out this exclusive interview.