Often the difference between successful people and others is their goals. A person who knows exactly what he wants and where he is going has a greater chance of achieving their dreams than someone who is a bit adrift.
Having defined, structured, and written goals should be a must in our life. The goal serves as a map, a guide for when we lose ourselves, when we stray from our path we can quickly return.
In binary options trading, it is also essential to have goals, and of course, these should be written down.
In my binary options training classes goals are discussed and explained as one of the 20 rules that I teach.
Goals – Precautions
– We need some experience before we structure a goal. For that, we need to have some trading experience that will allow us to know the average profits per day that we can expect, the amount of hours per day that we can trade, and the number of days per month that we can trade.
– Then we need to understand that the goals should be ambitious, but not impossible.
- Very low goals don’t “force” us to work to achieve satisfactory results
- Very high goals, create a lot of pressure to achieve abnormal results which implies working with exaggerated risk and pressure, which usually leads to losing and not winning money.
We can say that a very high goal could lead to losing money instead of making a profit at the end of the month. On the other hand, if the goal is too low, in the end it doesn’t do any good because it does not keep us focused and motivated to work hard.
Goals – How to set them?
– When setting our goals we must bear in mind that we will not be able to make a profit every day. There are days when we lose. There is no foolproof strategy, and some days you lose money. This is a reality and we have to live with it. The goal needs to take into account that we have to make up for days with losses on the days with gains (in my Mini Course I explain how we should manage the losing and winning days so that at the end of the month we can achieve our goal).
– We should set our monthly goal after having some experience in trading (2 to 4 weeks at least). To set our monthly goal, we need to find our average profit and multiply it by the number of days that we will be trading.
– The monthly goal should be divided by the number of days we plan to trade, so that we have a daily goal, which is very important, especially on the days with high profits. There are rules of when to stop trading and one of them has to do with the daily goals.
– The goals (monthly and daily) should be written down in an easy-to-see location, especially while we are trading. Some people use Excel sheets (spreadsheets) that show the goals and daily profits. A student of mine sent me one that is very good, if you are interested in it, I can send it by e-mail.
– At the end of each month we always review our goals for the next month. If we reached our goal, we up it a bit. If we got close to our goal, we keep it the same. If we are far below our goal, we lower it a bit for the following month. It is important that the goals force us to work and stay focused, but it is also important that we can achieve them so we stay motivated. If the goal is too hard to achieve, it has the opposite effect and discourages us.
– A monthly goal usually varies between 20% and 40%. A trader with some experience and that can be disciplined, can earn 40%, or more, on a monthly basis. I have several students achieving these gains. And they all follow the rule of setting a goal.
The primary goal of a trader should be to have consistent gains, and to achieve this goal, rules and discipline are important. Goals help to keep one disciplined and concentrated on the results, which helps us to have gains on a regular basis.