The document discusses the importance of setting specific, measurable goals in order to be successful. It provides examples of incorrectly formulated goals that are too vague and cannot be measured, such as wanting to "earn and set aside more money." Correctly formulated goals are specific, time-bound, and measurable, such as generating a 5% monthly return on trading capital by December 31, 2015. The document also outlines criteria for good goals and questions people should ask themselves to stay motivated and track progress toward their objectives.

1. What's the point without goals?
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Options Trading

2. What's the point without goals?
I know only a few people who take their goals seriously in
their personal lives. I’m not talking about New Year's
vows, but rather specifically formulated objectives, with
time frames.
Many people think that such specific goals are
unnecessary, since it is enough to have the objectives in
their minds. Unfortunately, this is not enough. You tend to
continuously change your targets, perhaps to reduce the
target values, convert them to the current moment. So,
the originally desired goal will never be reached because
there will always be compromises in the end ...
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3. What's the point without goals?
I set my goals for the different areas of my life at the
beginning of each year:
Lifestyle,
Family
Personal,
Financial.
Basically, I distinguish these 4 areas.
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4. A few incorrect examples
I formulate the expected outcome on a semi-annual or
annual basis in each category. I formulate and write the
goals down precisely and carefully.
I have talked about targets with quite a few people and
mostly I hear the same complaint: "There is nothing
difficult about this”, “Everyone has goals”, “Why should I
write them down?” etc.
To illustrate, I’ll mention a few examples of objectives that
are worded correctly and incorrectly.
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5. A few incorrect examples
"This year, I want to earn and set aside more money."
-> Incorrect, as this cannot be measured. If you cannot
measure the target, how do you know whether it was
met?
"This year, I want to become a more profitable trader."
-> Incorrect. What does more profitable mean?
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6. A few incorrect examples
I think it is clear from the foregoing what wrong and
senseless objectives are.
If you cannot measure a goal, you cannot track its
fulfillment. In other words, you will not be able to
monitor your own development, so you cannot really
interfere in the process, you do not know when to "fine-
tune" it.
A person without a purpose is drifting with the flow and
trusts in luck. A successful person sets the target and luck
will stand by him as a result of his hard work. This is the
big difference.
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7. I think, a good goal has 5 criteria
1. Concise, brief and
understandable,
2. Realistic,
3. It is in present time,
4. It has a deadline,
5. and a measurable
outcome.
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8. Two good targets
In view of these criteria, let's reformulate the above two wrong
targets.
"Looking at my savings account on 31.12.2015, I proudly
realize that I managed to set aside $ 1,000 each month." -
correct wording, since this can be measured, proved and it is
time-bound.
"Looking at my trading account statement on 12.31.2015, I
proudly realize that I generated a 5% monthly return on my
capital ." - also correct, as this is measurable, verifiable and
time-bound.
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9. 4 important questions
Furthermore, I answer the following 4 questions for all my goals:
1. Why do I want to achieve that goal?
After all, you need to have a motivation. Money itself is not a
motivation, it is needed for something.
2. What should I do to achieve my goal?
Roughly outline your strategy.
3. What kind of person do I need to become?
That means: which bad habits do I have to give up and with what good
habits do I need to replace them.
4. Who should be involved?
That means: whose help and whose cooperation do I need in order to
achieve my goal.
With the help of the aforementioned examples, individual progress
can be tracked very effectively. This is not negligible in options and
other trading, either!
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10. Feel free to ask me!
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Email: gery@optionsrules.com
My webpage: http://www.optionsrules.com/
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