To be successful in any performance-related activity, such as trading, goal-setting is crucial.

But not just any goal—not all goals are created equal. Many traders who seek my advice are setting themselves up for failure with the wrong kind of goals.

When you’re new to trading, it can be tempting to set a daily goal based on profit. Despite its appeal, this approach is fundamentally flawed for several reasons.

Read more here to see why it’s so counterproductive and what the right kind of goals look like.

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Dave Mabe is a trader and the CTO at Trade-Ideas. He helps traders make more money by improving their strategies.

You can also sign up for Dave Mabe’s personal newsletter here: davemabe.com