What is goal setting?
Goal setting involves the development of an action plan designed in order to motivate and guide a person or group toward a goal. Goals are more deliberate than desires and momentary intentions. Therefore, setting goals means that a person has committed thought, emotion, and behavior towards attaining the goal.
Determine your goals
First of all, we want to advise you to determine your goals and to write them down clearly.
Clear goals have a clear view and a clear way to achieve them.
A lot of people don’t work towards their goals or don’t achieve their goals because they haven’t set any clear goals. Those goals should be achievable as well in the time span you’re looking at to achieve them.
When you have written down your goals, make sure to go deeper in detail and how to achieve them step by step.
If you’re new to trading and you want to make 6 figures for example, it won’t happen overnight. You will first make 4 figures, followed by 5 figures and then up to 6 figures so keep that in mind.
It’s fun to check off a certain goal that you have set in advance so break down your main goal into different smaller parts.
The SMART principle
Specific
Your goal should be clear and specific, otherwise you won’t be able to focus your efforts or feel truly motivated to achieve it. When drafting your goal, try to answer the five “W” questions:
- What do I want to accomplish?
- Why is this goal important?
- Who is involved?
- Where is it located?
- Which resources or limits are involved?
Measurable
It’s important to have measurable goals, so that you can track your progress and stay motivated. Assessing progress helps you to stay focused, meet your deadlines, and feel the excitement of getting closer to achieving your goal.
A measurable goal should address questions such as:
- How much?
- How many?
- How will I know when it is accomplished?
Attainable
your abilities but still remain possible. When you set an achievable goal, you may be able to identify previously overlooked opportunities or resources that can bring you closer to it.
An achievable goal will usually answer questions such as:
- How can I accomplish this goal?
- How realistic is the goal, based on other constraints, such as financial factors?
Relevant
This step is about ensuring that your goal matters to you, and that it also aligns with other relevant goals. We all need support and assistance in achieving our goals, but it’s important to retain control over them. So, make sure that your plans drive everyone forward, but that you’re still responsible for achieving your own goal.
A relevant goal can answer “yes” to these questions:
- Does this seem worthwhile?
- Is this the right time?
- Does this match our other efforts/needs?
- Am I the right person to reach this goal?
- Is it applicable in the current socio-economic environment?
Time-bound
Every goal needs a target date, so that you have a deadline to focus on and something to work toward. This part of the SMART goal criteria helps to prevent everyday tasks from taking priority over your longer-term goals.
A time-bound goal will usually answer these questions:
- When?
- What can I do six months from now?
- What can I do six weeks from now?
- What can I do today?
