Do you know what you really want to achieve when trading? Have you set any goals to work towards? Do you know why you want to achieve the set goal? Do you know what it takes to have a chance to achieve your goals? If you do not have goals and a plan on how to achieve what you want, then you are like a sailboat without a rudder in the ocean, you will only move away in the direction in which the winds and currents will take you. You have no control! Setting goals is an important step in achieving the things you want in life. Of course you can achieve things without setting goals and creating a plan that many have, however by setting goals and a work plan you become more focused and self-aware in the details to speed up your progress.
We can break down goals into all the different categories such as personal health and fitness, spiritual, family and relationships, career, education, investments and finances, to name a few. Within each category we choose to create goals, you need to create subcategories. Thus, for financial purposes, one of the subcategories would be trading objectives. Now as a general statement, all those who decide to become a trader want to make money. It is a statement given to myself, but it is not a necessary goal because I have never met anyone who decided to become a trader in order to lose money. So what are goals and what is the right way to create them to achieve them?
All desires in life arise from dreams, desires and needs. From these dreams, desires and needs, goals are created. The process begins with creating a dream list without allowing your mind to place limits on those dreams. Don’t let your current situation or current state limit your thoughts about your dreams.
Make your dream list, because there are no obstacles. Once you create a dream list, the next process you need to do is review your dream list and review each item and see if it is a realistic dream, desire or need within your current conditions in your life. If the dream was to live in a $ 2 million home on the ocean off the coast of Florida and your current job was earning $ 25,000.00 a year and you had very little savings, that dream would not be a realistic dream in the current conditions in your life .
Now if you are willing to make a drastic change in a profession that would bring you more income or find a way to improve your savings by becoming a discerning investor or trader, you will have a more realistic chance of achieving your dreams and goals. The key is to make sure your dreams and goals are realistic and compelling. Some of the goals you create will be easy to achieve, while other more important goals must be a challenge, you must push yourself out of your comfort zone.
So, you have decided that you want to become a day trader in order to earn extra money, which you would need to buy your dream home. One of your goals now is to own a house on the sea. When creating goals, you need to write them down on paper or better yet on your computer for easier updating. When writing your goal, you need to be as descriptive as possible. Don’t just write I want a house in Florida on the ocean. Be creative with your dreams and goals, let your imagination run wild. What style of house do you dream of? Ranch style or two-story house? 4,000 square feet or 10,000 square feet? what are the colors How many bedrooms and bathrooms are there? Can you visualize the schedule? Is there a pool in the yard? If so, is it in the shape of a kidney or a rectangle? If so, write. The more details the better.
There will be times when you create one goal and you find that you have to set another goal that will be needed to achieve the bigger goal you created. Think of goal setting as a recipe needed to create a fancy meal or to bake a cake. If you omit something from a recipe, you gamble on the outcome of that recipe.
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If you are planning to become a profitable day trader, what are the obstacles that might stand in your way? What does it take to help you achieve your goal of becoming a day trader?
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Examples of some obstacles would be:
1. Have enough money to fund your trading account.
2. Have the proper education to become a profitable trader.
3. Does your spouse or partner support your idea of becoming a day trader?
4. Whether your current work schedule or profession is causing a problem at work
towards achieving your goal?
5. Is there a local or online support group?
6. Finding the right broker for my needs.
Here are some examples of some of the obstacles you need to overcome to be on your way to achieving your goal as a day trader. To overcome the obstacles you may have, you will need to work on possible solutions. If one of your obstacles is your need to find more liquid cash to fund your trading account. You need to think carefully and think of ways you can do this, you may have had an old collection of coins or other collectibles that you could sell to raise the necessary capital. If there is a will, there is a way!
Each person will have their own obstacles that need to be overcome. Always be sure that this is money you can afford to lose and that it will not change your current lifestyle.
Don’t set unrealistic deadlines on your goals and dreams. Some of your goals may be on time without deadlines, other simple types of goals will have deadlines. Looking at the above obstacles you can see that some of the above can be overcome in a few days or at most a week. Proper education can take months or more. Even so, owning one is still beyond the reach of the average person. The goal of having a home on the ocean can take several years to achieve, which can be assumed, as the goal of becoming a successful day trader.
By breaking down what it takes to become a successful day trader comes the need to refine smaller goals. Creating daily tasks that help you achieve your goals is crucial. Make a daily plan of attacks and work that you plan every day. Stay focused and look back on each day to make sure you are progressing. Always create smaller goals, which you can achieve day by day, which will give you energy and encouragement to work on achieving a bigger goal. Some other key components you will need to work on are psychological components. If you need to improve to have more patience, create a goal in descriptive written details to show great patience while trading. If you need to improve your determination, do the same exercise as with patience. The key is to become more aware of what is really needed to achieve your goal.
It’s not as simple as just saying I want to become a successful trader. First you will find the recipe and collect all the ingredients and combine them. The key to achieving your goals is to take the time and make sure you do whatever it takes to get to the end result. Everyday work on all the small details and concentrating and giving the key focus to the daily task and monitoring the daily progress.
Quick overview for goal setting
1. Make a dream list
2. Review the list to see if the dreams are realistic, practical and compelling.
3. Write a descriptive detail of your dreams in a positive statement because it has already come true.
4. Make a list of all the obstacles you will need to overcome to achieve your goals.
5. Make a sub-list of goals that can be worked on and that can be achieved within a week.
6. Create a daily plan of attacks and work that you plan.
7. Make a list of daily tasks you will work on each day.
8. Review each day, week, and month to review your progress.
9. Always adjust your goals more when you achieve the set goal.
10. Always have continuous goals that never stop.
11. If you encounter a stalemate, problem, or stalemate, always look for another angle to try.
12. Never give up! If there is a will, there is always a way