by Adrienne Toghraie

In almost every seminar that I have ever attended or presented the subject of goal-setting has been introduced as an important aspect for realizing one’s ultimate desires. There are many good models for setting goals. I have combined the points of the best models. 

Here are some of the key ingredients in making your goals work both in your trading and in every other area of your life:

 1.            Learn from past goals accomplished
        
The best model for success is your own model that has worked for you in the past.  With this model you already have set anchors of conditioning for discipline.

 2.            Nurturing environment

When you receive nurturing support from the significant people in your life, the path becomes easier and the reward of achievement sweeter.

 3.            Process-oriented goals

When you have process-oriented goals, you will not be as discouraged if your goal is not accomplished within the desired time. 

 Specific goals can be self-defeating:

  • I will become a master trader within a year
  • I will earn a million dollars from my trading this year

 Process-oriented goals are more likely to be realized:

  • I am in the process of becoming a master trader
  • I am in the process of earning more money than I have ever earned before

 The place to be specific in what you want to accomplish is in setting tasks:

  • I will complete my strategy within 6 months
  • I will test my strategy within 2 months

 4.      Having a burning desire

If you do not have a burning desire to reach your goal, then you’re less likely to be effective in implementing the tasks that will take you towards your goal.

 5.     Dreaming your goal

We think thousands of thoughts every day. Our thoughts lead to action. The thoughts of achieving your goal have to be dominant for you to accomplish them.

 6.      Sell yourself on your goals

Create a buying state of mind to sell yourself on a goal. A buying state is when you stir your emotions to a level of passion. Continued passion, through the process of achieving your goals, will keep you motivated through the difficult tasks and get you over the hurdles.

 7.      Allow for setbacks and hurdles

With each setback and/or hurdle there is very often the prize of learning an invaluable lesson. Look for those lessons and then the momentary setbacks along the way will have value.

 8.      Have a plan with well-defined tasks

Each task must stir your emotions to its completion within a pre-determined time period. Of course, there can be reasons that you cannot perform an individual task such as: 

  • Desire
  • Competency
  • Time

Just because you cannot complete your own task does not mean that you do not have the passion for the overall goal. If this is the case for you, then you must entrust someone else to accomplish this task for you. Tasks such as:

  • Coming up with your own strategy
  • Testing the results of the strategy
  • Putting the strategy into practice

I know many traders who have hired people to do all of the tasks and have turned a great profit in trading.

 Each task must have a reward. 

  • The reward can be as simple as the positive satisfaction that you get from its completion. 
  • The at-a-boys of encouragement from a significant person in your life that you allow to become part of the process. 
  • A physical present to yourself that stirs your emotions in the buying of it.

Conclusion

Goals are a necessary process to reaching a desired end. Using a good strategy for goal setting will help you to arrive faster and enjoy the process.

Adrienne Toghraie coaches traders and investors to their next level of success by helping htem overcome their self-imposed limitations. She has authored 13 books and is owner of TradingOnTarget.com.