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Forex Goals Setting Part 2

By: Randy Rodenhouse
Posted: Oct 12, 2010

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Starting to Achieve Your Lifetime Goals

Once you have set your Personal and Trading goals, timeframe your Trading Goals first by setting a 1 year plan for your listed achievements. Then set a 6 month plan, 3 month plan, 1 month plan, and weekly plan of progressively smaller goals that you should reach to achieve Trading performance goals. Each of these should be based on the previous plan. Then create a daily to?do list of things that you should do today to work towards your lifetime goals. At an early stage these goals may be to commit a certain number of hours per week to the 90 day challenge and gather information on daily market news. This will help you to improve your skills and understanding. Finally review your plans, and make sure that they fit the way in which you want to live your life. Remember your Forex Training mindset when working on these.

Staying on Course

Once you have decided your first set of plans, keep the processes going by reviewing and updating your to?do list on a daily basis. Periodically review the longer term plans, and modify them to reflect your changing priorities and experience.

Goal Setting Tips

The following broad guidelines will help you to set effective goals:

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? State each goal as a positive statement: Express your goals positively ? ?Execute this technique well? is a much better goal than ?Don?t make this stupid mistake.?

? Be precise: Set a precise goal, putting in dates, times and amounts so that you can measure achievement. If you do this, you will know exactly when you have achieved the goal, and can take complete satisfaction from having achieved it.

? Set priorities: When you have several goals, give each a priority. This helps you to avoid feeling overwhelmed by too many goals, and helps to direct your attention to the most important ones.

? Write goals down: This crystallizes them and gives them more force.

? Keep operational goals small: Keep the low?level goals you are working towards small and achievable. If a goal is too large, then it can seem that you are not making progress towards it. Keeping goals small and incremental gives more opportunities for reward. Derive today?s goals from larger ones.

? Set performance goals, not outcome goals: You should take care to set goals over which you have as much control as possible. There is nothing more dispiriting than failing to achieve a personal goal for reasons beyond your control. In business, these could be bad business environments or unexpected effects of government policy. In sport, for example, these reasons could include poor judging, bad weather, injury, or just plain bad luck. If you base your goals on personal performance, then you can keep control over the achievement of your goals and draw satisfaction from them.

? Set realistic goals: It is important to set goals that you can achieve. All sorts of people (employers, parents, media, society) can set unrealistic goals for you. They will often do this in ignorance of your own desires and ambitions. Alternatively you may set goals that are too high, because you may not appreciate either the obstacles in the way or understand quite how much skill you need to develop to achieve a particular? level of performance.

SMART Goals:

A useful way of making goals more powerful is to use the SMART mnemonic:

? S Specific

? M Measurable

? A Attainable

? R Relevant

? T Time?bound

For example, instead of having ?to become a professional trader? as a goal, it is more powerful to say ?To have completed 100 trades achieving a profitability of 70% by December 31.? Obviously, this will only be attainable if a lot of preparation has been completed beforehand!

Randy Rodenhouse ? About the Author:

Dr. Randy Rodenhouse is the founder of YourTradeRoom.com. We seek to educate individual investors on creating a self sustained trading style that is rules based and time tested. The model of ?seeing is believing? is why we offer you to watch in real time our top traders execute trades with no filters. We show you the good, the bad and the ugly so you can get on the path of becoming a successful full time (or part time) trader.

http://www.YourTradeRoom.com

Source: http://www.articlesbase.com/currency-trading-articles/forex-goals-setting-part-2-3459260.html

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Article Tags:
forex, forex goal setting, forex training, forex trading, trade room, part 2

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