I recently read a couple of books, one of which has significantly impacted my perspective—not just on trading or making money, but on how I live my life, form relationships, and work toward my goals. It’s made such an impression on me that I wanted to share it with you.
The book is an old one, but if you’re willing to overlook the occasional outdated idea and have the time, I highly recommend Think and Grow Rich by Napoleon Hill.
What I’ve taken most from this book is the concept of goal setting. There’s a lot to be said for setting goals effectively, and this book really hits the nail on the head. Here’s what you should keep in mind before setting out to achieve anything:
1. What you want to achieve, quite specifically.
2. When you want to achieve it by.
3. What it will look and feel like when you’ve achieved it.
The next step is applying the necessary repetition and motivation to your goal to ensure you follow through.
For instance, a goal like “I want to get rich trading on Betfair” or “I want to trade for a living” might sound great but isn’t very specific and is often why people fail to achieve their objectives. Reframing it more positively and specifically can help. For example, “I want to trade for a living” might become:
“I will make at least £250 in any full session (e.g., Saturday afternoon) from trading the pre-race horse racing markets as it outweighs my current income. I will achieve this one year from today, [insert date]. I will know I have achieved this when I have more money to spare, am consistently withdrawing from my account, etc.”
By writing it down and revisiting it every morning and night, your goal becomes a powerful motivator. This approach has inadvertently guided me before, and I plan to use it even more consciously now. It applies to nearly anything, for example:
“I want to understand the markets better” could become “I will learn about handicap races by reading everything I can and watching the markets closely. By [insert date], I aim to be more confident trading them and increase my profits by 20%.”
While slightly off-topic, I believe understanding this concept is crucial for achieving success in the markets, or in any other area of life. If you want to beat the bookies then it’s certainly something you need to take seriously. It’s a daunting task to take them on with all their advanced computer software!
6 thoughts on “Set yourself some goals….”
Ive got this book amongst others and have read about really targeting your thoughts to what you want to achieve. Ive been clearing out some clutter in my house to make room for more money in preparation for it.
hey caan hope you feeling better now, so I’m just starting out trading so what my goals should be now? I’m just gonna use minimum stakes til I feel confident enough so what realistic goal should I set now? 🙂
Hey, I’d say make some specific goals you want to learn about. For example if your into Horse Racing in-play ‘I will analyse the in-running markets and make notes as to what makes the prices suddenly shift, where its most likely to happen’ etc etc. or If its football you prefer to trade ‘I will learn at what point the time-decay of the odds accelerates’ All these things add up eventually making you a better trader, lowering risk and increasing rewards.
okay caan 🙂 should I make goals about how much I’ll make in one session like you or am I just gonna stress myself making those type of goals? thanks for replying 🙂
Caan have you read any of William Wattles books science of getting rich?
I have seen you post things they have undertones of what he says in those books
I read the book 60 years ago and before the recession was worth almost 1 million, even though I started with not a bean, My goal was to get 1 million, but the recession came along and a few personal bereavements and i lost the plot. I am still a great believer in NapoliOns book. I once saw an interview with the great man, and he said the greatest piece of wisdom I have ever heard.
WHAT EVER THE MIND OF MAN, ( OR WOMAN ) CAN CONCEIVE AND BELIEVE IT CAN ACHIEVE.