Goals ……… · Day Trading for Beginners

Goals ………

No matter what you're doing, setting goals is a practice that helps you stay focused and provides a way to track your progress. In a moment, I'll explain what makes a goal effective and how to hold yourself accountable for achieving your goals.

Your goals should be realistic and specific. Setting goals that are unlikely to be achieved doesn't help you; instead, it can lead to disappointment if you fail to reach them. It may also encourage unnecessary risk-taking to meet the goal. For example, if your goal is to turn £1,000 into £1,000,000, you're likely to take on so much risk chasing a big win that you might end up losing most of the £1,000.

Goals should also have a defined time frame. Without a deadline, there's less urgency to achieve the goal. When setting goals, be sure to include a specific date by which you will evaluate your progress. For example, if you want to become a millionaire by age 26, you can check on your 26th birthday to see if you've met that goal. This eliminates guesswork and procrastination.

Lastly, goals need to be measurable. Similar to setting a time frame, measurable goals keep us accountable by providing a clear pass/fail evaluation. Vague goals like "I want to be rich" are easy to ignore because there's no clear way to know if you've actually achieved them.

Here are my personal goals:

1) Complete the Stokes course by January 1, 2025.

2) Start live trading with a small account by March 1, 2025.

3) Earn £10,000 in the first year of live trading by March 1, 2026.

4) Reach 14 stone by January 1, 2025 (just one stone to go from 20 stone!).

Your goals don’t need to be solely related to trading; they can be personal as well.

2 comments