What's the point without goals?

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Options Trading

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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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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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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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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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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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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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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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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Feel free to ask me!

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Email: gery@optionsrules.comMy webpage: http://www.optionsrules.com/

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