I personally work with clients that range from hedge funds, mutual funds and other institutions to position traders, daytraders and long term investors. The most successful traders I have known approach their trading the same way that any entrepreneur or other businessperson would view their enterprise. The best traders engage in trading as professionals, employing rigid discipline and mainstream business concepts. To help traders best meet their financial objectives, I often suggest that they develop business plans, models from which they can focus their efforts. I have found this to be a critical component to success.
Every business plan has a mission statement to clarify objectives and goals.
Simply stating that you want to make money in the financial markets is not acceptable. It is too vague. Traders need to clarify their objectives with detail. I will evaluate my results each week, back-testing my strategies. I will hedge risk and maintain discipline at all costs, striving to preserve capital and capitalize on opportunities.