GOAL SETTING
Setting goals is a very important part of pursuing any task in life, successful people in life swear by them to make achievements manageable and ultimately possible. Now that you have your foot in the door and are fortunate enough to be training to trade futures markets there is a real need to get some goals written down about where you want to be heading in the exciting career of trading futures.
There are 2 main types of goals:
- Performance Goals
- Outcome Goals (cash)
THE SEVEN PRINCIPLES OF WORKING WITH GOALS
| 1. SAY WHAT YOU WANT, NOT WHAT YOU WANT TO AVOID | Examples: I will win | I won’t lose Words are very powerful; they shape how we think. Start noticing all the times you use negative language notice the times when you are thinking of what you do not want rather than what you do want and work out how you can change the thought so it expresses what you want. |
| 2. MAKE GOALS CHALLENGING AND REALISTIC | Key questions to ask: Is this goal attainable? Is this goal challenging? Constant small successes keep you motivated – so make sure you set plenty of small goals in between the long term goals. |
| 3. INFLUENCE THE RESULT DIRECTLY | A goal must be under your control – you must take action, not someone else, so when you plan what to do, all your plans should start with the phrase…. I will…… followed by the action you take. Always use the word ‘I’ when setting goals. |
| 4. MEASURE YOUR PROGRESS | Goals must be timed i.e. deadline Your goals should be a mixture of: Short term goals (in the next month) Medium term goals (1-6 months) Long term goals (6 months and longer) How are you going to measure your progress and continuously monitor your progress to see that you are on track? Goals must be measurable. Key questions: When will I achieve this goal? How do I measure this goal? How will I know that I am achieving/have achieved this goal? |
| 5. CHECK YOUR RESOURCES | What resources do you have to achieve this goal? Resources are anything or anyone who can help you. Books / magazines / equipment/software / people / workmates / role models / your own skills – determination / concentration / imagery / commitment Key questions: What resources do you have? How can I get more? |
| 6. COUNT THE COST | You can have anything you want providing you are willing to pay for it. What is the cost of your goals and are you willing and able to pay for it? Money / time / time for partner or family and friends |
| 7. REWARD YOURSELF | Rewards are an excellent part of achieving something; just like athletes receive medals for their efforts you should do the same. Reward yourself with something that will be a reminder of your success in your particular goal. Use that reminder to help you get through your new challenges in your future goals to motivate yourself to keep up the challenge of developing. |