Summary: Peter Drucker once said we greatly overestimate what we can do in one year, but we greatly underestimate what is possible for us in five years. In Episode 561 of The Traders Podcast, your hosts Rob Booker and the producer Jason Pyles discuss trading goals, namely, what they could be versus what they should be. Often a trader’s goal-setting has to do with bottom-line numbers, as opposed to goals that help the trader develop characteristics over time to accomplish those goals. Join us to hear more! Thanks for listening to The Traders Podcast. We release new episodes every Tuesday and Thursday. Subscribe free in iTunes! Links for this episode: Subscribe to Rob's YouTube channel here: <a href="https://youtube.com/robbooker" target="_blank">https://youtube.com/robbooker</a> Rob on Twitter: <a href="https://twitter.com/robbooker" target="_blank">@RobBooker</a> The Traders Podcast on Twitter: <a href="https://twitter.com/traderspodcast" target="_blank">@TradersPodcast</a> <a href="http://tfl365.com/" target="_blank">TFL365.com</a> <a href="http://www.traderinterviews.com/" target="_blank">Trader Interviews.com</a> Be sure to catch up with Scott Welsh at his <a href="https://www.scottwelsh.me/" target="_blank">Website</a> and at <a href="https://twitter.com/swelsh66%20" target="_blank">Twitter</a> Hear Jason’s movie podcasts: <a href="http://www.moviepodcastweekly.com/" target="_blank">Movie Podcast Weekly</a> where we review new movies in theaters. <a href="http://horrormoviepodcast.com/" target="_blank">Horror Movie Podcast</a> where we’re Dead Serious About Horror Movies. <a href="http://moviepodcast.network" target="_blank">Movie Podcast Network</a> a group of eight film-related audio podcasts that cover various movie genres. Full Episode Transcript: Rob Booker: Mr. Pyles. Jason Pyles: Rob Booker. Rob Booker: Peter Drucker once said, People often over estimate what they can accomplish in one year, but they greatly underestimate what they could accomplish in five years. Your thoughts? Jason Pyles: Oh my, when I hear this quote it’s a little overwhelming for me because I’m like, okay, how am I supposed to know? If I have trouble grasping the smaller amount of time, how could I even have an idea of what to shoot for in the larger amount of time? Rob Booker: So, where do you fall on the subject of, the spectrum of goal setting then? Jason Pyles: Well, that's a good question. I get the concept that where if you work backwards, reverse engineer your big goal, then you can break it down and find out what the smaller thing should be, what you should do next. Yeah, I’m a big fan of goal setting actually. My biggest mistake has always been I try to make too many goals, too many things to accomplish. For me it’s like pick one or two things and focus on those, accomplish those, and move on to the next thing. Rob Booker: Oh, that's interesting. I really like that. I was thinking this morning about my own goals related to trading and what those goals could or should be. I realize that so often in the world of trading, what we do is we set goals that are largely financial in nature. We set a goal to make a certain amount of money, but we don’t often set goals, or we forget that we should set goals that focus primarily on the things that someone does to make money in the markets. What someone will do is they will set a goal to make $500 a week, but they don’t really set any goals related to the type of person that they’re going to be or the type of schedule that they’re going to keep, or the little things that they do, the incremental things that get you all the way to the goal that you said that you wanted. A little bit of each of those things is really necessary, and as a trader, it’s good to think about what you can and want to accomplish in purely financial terms. What I thought I’d share today is maybe a little bit of a strategy that has worked for me in the past,
