Learn to craft trading goals that make a differenceDocument Transcript
_________________________________________________________________________________________________________ Learn to Craft Trading Goals That Make a DifferenceEveryone knows goals are important – Everyone of us has set goals for our personallife. It should be no different for our Trading Life as well.Personal goals may include losing some weight, exercising more, quitting smoking, beingactive in our community, or spending more quality time with our family.In our Trading life, we set goals to be more organized, earn more money, grow a tradingbusiness, complete a trading course, or simplify our methodology.These are certainly all worthy goals. However, most of these goals will not beachieved. Why? Usually because they were not properly set to begin with, or the personsetting the goal was not really committed to achieving it.Your attitude is critical – To achieve anything worthwhile in life you must have a positivemental attitude no matter what other successful attributes you possess. A positive mentalattitude is the energy that when combined with your other skills and attributes, allows youto reach your goals. Success is achieved and maintained by people who work hard with apositive mental attitude.I believe trading actually becomes fun when we set and achieve specific goals. All successfulpeople have a definite purpose combined with a positive attitude. They constantly ask,“Where am I going? What do I really want? What are my goals?” When this happens,trading becomes more enjoyable and rewarding instead of an unpleasant means of payingyour bills. You become self-motivated and enthusiastic. And that enthusiasm turns intoachievement!The importance of self-management – Good self-managers enjoy their trading becausethey accomplish more and they give themselves more credit. You can increase yourperformance by improving your self-management abilities. Setting personal and businessgoals are tools that will help you improve your self-management.The Secret to Achieving Goals1. Be Positive - State what you want to do. If you want to avoid or stop doing something, state your goal in terms of what you want to do instead.2. Set a Deadline - A deadline provides you with the needed time frame for achieving your goal. It gives you something to aim for.3. Be Specific - You’ll want to measure your progress as you work toward your goal. The more specific your goal, the easier it is to measure your progress. Always quantify your goal.4. Be Realistic - Goals should be realistic and yet cause you to “stretch” to reach it. Setting unrealistically high goals will cause you or your people to feel badly for attaining only 90%, or worse, they may not even try to make it. Better to set smaller goals, meet them, and then set a higher goal.