How do you know if you're successful?

[brerwallabi]

I have been debating with myself if I have been successful (trading) or not but dont quite know on who or what I should be comparing against, does anybody know when you can apply (especially in this current bull market) successful, is it
Your trading return surpasses and outperforms the ASX
It becomes your primary source of income
Your only source of income
The number of successful trades ratio wins and losses
Percentage return on your capital, and what is the sucessful number 20%, 25% or 35% higher?
I have always benchmarked through my working career which is the correct benchmark to use in sharetrading?

 

[doctorj]

Re: How do you know if your successful

I've always looked to set realistic, measurable goals as a key part of forging my trading plans. I think goals are as important as planning for the entries and exits you aim to make.

If you achieve these goals then you are successful.

 

[DTM]

Re: How do you know if your successful

How do you know if you're successful???

When you start posting from the Bahamas!!!

Or

When you can sleep soundly at night.

 

[ghotib]

Re: How do you know if your successful

I have been debating with myself if I have been successful (trading) or not but dont quite know on who or what I should be comparing against, does anybody know when you can apply (especially in this current bull market) successful, is it
Your trading return surpasses and outperforms the ASX
It becomes your primary source of income
Your only source of income
The number of successful trades ratio wins and losses
Percentage return on your capital, and what is the sucessful number 20%, 25% or 35% higher?
I have always benchmarked through my working career which is the correct benchmark to use in sharetrading?

Interesting! My working life was ruled by benchmarks too. In principle they could have been useful guides, but in practice they were just one more set of numbers to manipulate while trying to get some useful work done. Assuming workerbees in other organisations were doing the same thing - which conversation at professional meetings tended to suggest - gives you one reason for the dot bomb: an industry whose benchmarks were as irrationally exuberant as its stock prices

<removes Cynic hat>

The benchmarks I had to cope with were attempts to compare the performances of companies or departments across industries. Is that what you mean? If so, I don't see that an individual trader working with their own money would find benchmarking particularly useful, unless maybe you were trying to decide whether or not trading was the most profitable way for you to spend your time. I think success would be meeting the targets I set in my trading plan (which I'm still developing; feeling successful is not an immediate question for me) and my investment strategy. I don't care if my targets are higher or lower, or longer or shorter term, than other people's and I don't care if I do or don't meet theirs.

Does that make sense, or do I not get the question?

Ghoti

 

[tech/a]

Re: How do you know if your successful

When your successful in/at anything.


YOU'LL KNOW!!


Just as you do if your not.
If you cant tell then chances are your not!

 

[bruham]

Re: How do you know if your successful

My only method of knowing how successful I am is the bank balance.
My float is fifty thousand dollars. Over and I'm a winner. Under and I'm deeply
depressed.

bruham.

 

[GreatPig]

Re: How do you know if your successful

When your successful in/at anything.

YOU'LL KNOW!!

LOL. You mean if you have to ask, the answer's not yet .

GP

 

[tech/a]

Re: How do you know if your successful

Basically.

I know Im a very average golfer.
I also know Im no expert on a computer.

You get my drift.

 

[brerwallabi]

Re: How do you know if your successful

If being successful is having a home, no mortgage, two cars, big pay cheque, a prestigious address and an abundance of money then I am successful. If feeling successful is sleeping soundly at night and being relaxed and content and having time to do things for those around that you feel are special then yeh well I feel successful.
Success in my trading has always been because of a disciplined approach developing a trading strategy and staying with it, putting the goal in place and working toward it.
But saying
"I don't care if my targets are higher or lower, or longer or shorter term, than other people's and I don't care if I do or don't meet theirs." says to me that you see success the same as me but achieving a 15 score out of a 100 is not really successful if its your target and the field is getting a score of 75 out of a 100.
Anyway from a not very successful hacker(golfer)

 

[tech/a]

Re: How do you know if your successful

If being successful is having a home, no mortgage, two cars, big pay cheque, a prestigious address and an abundance of money then I am successful. If feeling successful is sleeping soundly at night and being relaxed and content and having time to do things for those around that you feel are special then yeh well I feel successful.
Success in my trading has always been because of a disciplined approach developing a trading strategy and staying with it, putting the goal in place and working toward it.
But saying
"I don't care if my targets are higher or lower, or longer or shorter term, than other people's and I don't care if I do or don't meet theirs." says to me that you see success the same as me but achieving a 15 score out of a 100 is not really successful if its your target and the field is getting a score of 75 out of a 100.
Anyway from a not very successful hacker(golfer)

See you know! and you also know whats not---everyone does.
The only variable is each ones interpretation of success.
Kerry Packers is different to mine Im sure.Mine is different to
those I employ that Im also sure.The Indonesian sitting on Phuket
Beach has a vastly different interpretation of success than any of us.

 

[Aussiejeff]

Re: How do you know if your successful

....and, whatever benchmark or targets you set, DON'T BE TOO HARD ON YOURSELF IF THE GOAL IS MISSED FROM TIME TO TIME!

God knows, we only get one crack at living on this planet as far as I am aware. May as well enjoy it as much as we are able to, come hell or high water (no pun intended).

CHEERS ;o)

AJ

 

[ghotib]

Re: How do you know if your successful

If being successful is having a home, no mortgage, two cars, big pay cheque, a prestigious address and an abundance of money then I am successful. If feeling successful is sleeping soundly at night and being relaxed and content and having time to do things for those around that you feel are special then yeh well I feel successful.
Success in my trading has always been because of a disciplined approach developing a trading strategy and staying with it, putting the goal in place and working toward it.
But saying
"I don't care if my targets are higher or lower, or longer or shorter term, than other people's and I don't care if I do or don't meet theirs." says to me that you see success the same as me but achieving a 15 score out of a 100 is not really successful if its your target and the field is getting a score of 75 out of a 100.
Anyway from a not very successful hacker(golfer)

Speaking as the person who said that and also as a successfully frightening golfer (I once managed to hit a ball backwards between my feet), I don't even know how to score the kind of golf you play But in some other game, sure achieving my target of 15/100 is success. If my target is beating, or even being up with, the field, then 15/100 doesn't cut it. But lots of times there isn't a field to compete with and sometimes you have to select your own field from a universe of players. Think of the City to Surf, or other fun run of your choice. There are maybe 20 serious competitors who have a real chance and a real desire to cross the line first. Then there a few hundred serious competitors who have a real chance and a real desire to cross the line ahead of everyone else in the same age group or whatever. Then there are a few thousand participants who'll go home on a colossal high because they cross the line at all.

I think trading is like that. I mean will be like that, when I get my float together and get started.

And while I'm in philosophical mode, you've sort of changed the question in your last post. Being successful at something makes sense, but IMO the idea of "being successful" as a kind of generic state is foggy and the idea of "feeling successful" isn't much better. I don't think you can detach the feeling of success from the thing you feel successful about in the way you can detach a feeling of happiness or sadness or confidence. After all, if success is linked to achievement, then most achievements are starting points for something else and as your focus shifts to the next achievement you tend to lose the feeling of success from the last one. You can still draw on it: that's part of confidence. But you don't really retain the high.

Well that's my feeling about it anyway.

Cheers,

Ghoti