Knowing what you want is the doorway to getting what you want.
Knowing what’s holding you back from having it is the turbo charger to creating a life that you love.
“When you can’t wait to get up in the morning to do what you love serving the world you have aligned with your highest values and feel like you are fulfilling your mission.” Dr. John Demartin
For many it feels like Groundhog Day, when come January they seem to write down pretty much the same trading goals without ever achieving them … until they finally figure out why it doesn’t work.
So, here are 3 common mistakes why traders don’t achieve their goals:
1. Focus On Outcome Instead Of Process
Thinking of a goal and writing it down is the fun part and that is where it stops for most. But the real essence of goal setting is to create a process of how to get to the goal and follow it through no matter what!
Instead: Focus On Process: If The Process Is Good The Profit Will Take Care Of Itself!
Write down your goal, and then create an action plan on what you will do every day with no excuses in order to achieve your dreams. Also, consider what resources you need in order to be able to do what is required. Do you have any time restrictions, do you have any financial restrictions, are there still more techniques you need to practice the skill of?
2. Dreaming Too Big Can Lead To Overwhelm
By all means, think big, but I question if it is useful to put a goal to make $10,000 a month net profit if you are currently only producing losing months. That can not only lead to overwhelm, but also promotes self-doubt, with that little voice giving you a lot of reasons why you will never achieve it.
Instead: Set Yourself Up To Win By Having Goals That Are The Natural Next Step!
So, if you are currently making $1000 profit per month, set your target for example on increasing your profits by 10% each month.
3. Not Dealing With What Could Stop You From Achieving Your Goals!
This is often the most important aspect and the most uncomfortable area for traders. Ask yourself what has stopped me in the past from achieving my trading goals? This might include time, money, not having the right opportunities, lack of motivation, procrastination, lack of self-belief, not knowing how to achieve it, or maybe you don’t know what has stopped you.
If you look back to the past with regards to not achieving your goals and failing to follow through on your plans, what patterns have you noticed occurring? For example, do you often put lots of energy and enthusiasm in at the start, then within a couple of weeks find you’ve lost motivation? Do you put off getting started for so long you just give up? Do you start too many projects at once, and end up overwhelmed and under-motivated? Identifying your unique patterns is key to changing them.
What about limiting beliefs? What you tell yourself can also stop you from achieving your most prized goals and visions. For example, if you have decided that this is the year you will achieve financial freedom through trading, but you have an underlying belief that ‘It’s impossible to make money in those markets’ or believing ’I don’t have what it takes’ (it doesn’t always need to be a thought, it can just be a feeling) those subconscious influences will sabotage your plans, you will miss the opportunities, you will never feel confident enough to pull the trigger and take a risk etc. Listen to what you tell yourself about what you believe limits you and then find a solution for it!
If there were 2 important changes that need to occur in order for you to be totally successful and reach your goals, what would they be? i.e.) Have more confidence in yourself? Be more disciplined? Break patterns of self-sabotage? Get over fear of taking a loss? Write down anything and everything that comes to mind. Most of them can be resolved if you would just acknowledge it and do something about it!
What help, support or resources do you need? This could be a trading mentor, learning a new trading technique such as ratio trading or pattern recognition to learn additional skills, a ‘how to’ guide, a clear action plan, sounding board or someone to brainstorm with, etc. Take advantage of anything that teaches you the strategies and techniques that change limiting behaviours and improve your trading strategies. This will set you on a clear course for success.
List 3 things you can do each day starting now to move forward with achieving your goals. Maybe read 1 trading book per week, listen to webinars, or learn how to meditate. Enlist the help of a trading buddy, partner or coach. To establish your own accountability, tell them what you intend to do. This puts the power squarely in your hands to determine your results.
Take action daily and review your goals weekly. Many small steps towards your goal will move you towards the accomplishments you wish to attain. I have a strict schedule each day, like an elite athlete on what I will do to become a better trader than the day before. I always strive to be better than I was the moment before.
Remember, there are no limitations, except those that are self-created…and those you can change!