Having goals when you are a trader is important. The first thing to do before you start trading is to create goals; however, goals on their own won’t make you a successful trader. You need to have the discipline to meet your goals. Here we will look at some tips to make it easier for you to have the discipline you need when trading.
List the Steps To Your Goal
Goals can be daunting and long-term and can therefore be difficult to always work towards. However, all goals can be broken down into smaller steps and these are much easier to accomplish. By accomplishing your steps, you will be able to see how you are on the way to achieving your goals and this will help keep you motivated as you strive towards the end-goal.
Identify Your Triggers
When people set goals, in general, it is usually to try to achieve something they have not been able to achieve in the past. It will help you progress towards achieving your goal if you can identify why you haven’t been able to achieve your goals in the past. These reasons are known as triggers and could include environmental triggers such as the presence of certain people, personal triggers such as your emotional well-being or how tired you are, being unprepared or any other number of things.
Once you have identified your triggers, you can avoid them or at least be prepared for them.
Keep a Diary or a Progress Report
A lot of maintaining your discipline is working on your mental awareness. By listing your accomplishments, you will be able to see how far you have come in meeting your end-goal. With long-term goals, it can often feel like you have achieved nothing, when in fact, you have and if you list every small step as you move forward, that would be clearer.
Understand that Setbacks are Not Failures
With any goals, we have in life, it is common to have setbacks every now and then. It is important not to fall into the trap of viewing these setbacks as failures as that can impact your motivation and take away your discipline. Rather, accept the setback and use it as an opportunity to learn from the situation to improve in the future.
You could look at the amount of research you did prior to the trade and whether you were prepared enough; perhaps you got caught by a trigger or perhaps you needed more mental rehearsal. If you learn from the setback, you can take away something positive from it.
Make Sure You See the Positive Sides of Your Goals
Goals can seem daunting especially if you are constantly denying yourself things to meet those goals. It is important to look at the overall accomplishment which will highlight the positive aspects of the process towards achieving your goals as this will help you to maintain your motivation and discipline as you continue the path of meeting those goals.