Goal Setting for Success in Binary Trading

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Goal Setting for Success in Binary Trading

The Binary Options market is saturated with trades, strategies and has a strong competitive vibe about it. All this excitement and frenzy can easily turn into a state of overwhelm if you have not been paying attention to planning and goal setting. Whether you are just starting out or planning a career into the binary trade market or have been in the game as a pro…goals are of paramount importance. However, while working on setting goals people mostly commit several common mistakes and this could turn into a disaster eventually.

So, in this article we are sharing some goals that are specifically helpful for the newbie traders and can help them in the long run in binary trade.

Performance Focused Goals or Learning Oriented?

The world is full of choices and decisions to make, and when it comes to goal setting, things are not so different either. Before we start outlining any goals, we need a mechanism or a baseline to be able to differentiate the performance focused goals from learning goals. Learning goals are about acting or analyzing and understanding ‘when’ the right time is to act or not to act at all (this is also very important). While the goals that are focusing on performance, usually measure how successful an action turns out to be (think of it in terms of ROI; return on investment).

Newbie traders in binary options market would benefit most if they focus on performance-oriented goals and assess how successful an action turns out to be. This is important because without assessment of the magnitude of success they would not be able to draw some valuable conclusion, and this would hinder growth or scalability. However, before they focus on assessment of performance, it is important for the new traders to prioritize the learning goals as well. So, a balance must be maintained between performance and learning goals because we cannot discount the significance of either for the newbie traders.

Performance goal setting is tricky because people often make performance-based goals either unrealistic or vague. Traders often make performance goals phrased something like; “I am going to make $2000 in profit today” which is a poorly worded goal. An alternate option would be to make a learning goal, instead, for instance “Take a note of all the valid signals and manage them in accordance with the trade guidelines I have” can be a nice goal to begin your trading activities. When you are following a strategy and sticking to it, it brings good results. So, it is way better to invest time and energy on focusing on the implementation phases (rather than staying panicked about performance).

What helps me with performance?

Using the right tools and signals help my performance. Currently I use a few systems that I rely on heavily. There are the two that I find are providing the best returns in both Forex and binary options in recent days.

Staying Consistent is the Key!

It seems to be the ultimate orthodox phrase that we keep hearing all the time in almost every self-help or motivation script…i.e. stay consistent. But it really is the very thing that can make the impossible happen for you. Staying consistent is significant if you intend to enjoy a life of well-being and prosperity; it becomes more important in Binary Trading. In binary options trading, consistency originates from having a reliable trading mechanism and implementing it everyday and then scaling and improving it. Now the trade market is very dynamic and trading conditions differ drastically which makes it hard to abide by this ‘consistency rule’. If you want to bring in consistency in your trading activities, then you need to set and incorporate first few goals (performance vs. learning).

Along with setting performance or learning goals and trying to be consistent in your trading strategy, you also must work on your mindset. So, the one goal that you must have is to shift your mindset towards some productive beliefs that would assist you in staying on track. So, make these new belief sets through a constant reminder to yourself. Here are some examples for these beliefs that you may try to work with as a starter plan:

  • If I am following a plan, money turnout is not really determined by me; rather market circumstances and strategy are the game controllers. So, I must let go and put my faith in the reliability of the system I am using because getting anxious in this case is not helping me anyhow.
  • I am only going to judge myself for following or not following my plan and my judgement will not be based on the amount of money being made. It is not okay to make a $20,000 profit when by sticking to my plan I could have made a $40,000. On the other hand, in tough market conditions it is amazing to make even a dollar by following my system.
  • Trade sector is highly unpredictable and dynamic; therefore, it is counter intuitive to try to anticipate a factor of predictability; so, I must always stick to my plan. And because I cannot exactly predict the future in trade market, I must set a boundary for maximum loss and to ensure that I am risking small shares of my account on every trade opportunity.

Let’s Tie it all Up!

So, let’s combine everything and see how it sounds after coming together. In Binary options trade market, performance is a product of consistent trading in accordance with a well-devised plan. So, as a newbie trader your goal is to come up with that “amazing” trading strategy and then simply follow it. And you may now very well know that you can easily purchase a trading strategy or get it from a book or come up with your own. However, you decide to build the trading strategy, make sure that it is always backed with ample data.

Don’t wait up for the year end resolutions, set your trading goals now and get going! Share with us some of your trading goals and how they have worked out for you. Leave a comment below.

Goals for New Binary Traders

When starting out, and throughout a career of trading, goals have been of great value. Yet when goal setting people typically make several mistakes which can lead them astray. Here we’ll look at a couple goals new binary traders should set out to achieve, and why these goals (compared to what most people strive for) are so important.

Learning Goals vs. Performance Goals

There needs to be a differentiation between learning and performance goals. Learning goals are about ultimately being able to take action, or more accurately, learning when to take action and not take action. On the other hand, performance goals measure the success of such actions. For new traders especially, focusing on learning goals should be the priority before assessing performance.

Making performance goals–such as “I will make $1000 trading today” can often lead to poorer performance than if the learning goal (action based) such as “Take every valid trade signal I get and manage it according to my guidelines” is strived for.

Being able to stick to a strategy, all the time, is key to fostering good trading habits. Therefore, it is far better to focus on simply implementing a strategy than worrying about performance. If you follow the plan performance actually takes care of its self.

Make one of your goals to stick to you trading plan. At first try to it just for one day (or even one trade, then two and so on)–“My goal today is to trade every valid signal I get, and only those signals.” Then expand it out to try to do it for two days in a row, then three, and so on. Set up little rewards and punishments for following through or not following through on your goal, if you think this will help you.

The above goals are designed to build consistency. Consistency is of paramount importance to anyone who wants a long prosperous life in trading.

Consistency comes from having a good trading method, and then being able to implement that method day in and day out.

Since trading conditions are a bit different every day, this is tough to do.

To implement consistency, set the goals mentioned in the section above. But sometimes your mind won’t seem to let you…you keep making mistakes!

Therefore, another goal is to instill some new beliefs in your mind which will help you stay on track. Create these new beliefs by constantly reminding yourself of them, convincing yourself they are true, and stopping thoughts that run counter to these beliefs.

Here are a couple beliefs you should try to instill:

-If I follow a plan, it is not me who determines how much money I make each day. The strategy and market conditions determine how much I make. Therefore, I can let go and trust the back-tested profitability of my system…because results are actually out of my hands anyway.

-I only judge myself on whether I follow my plan, not how much I make. Some days making $10,000 is actually a “bad” if by following your plan you would have made $30,000. Other days making $1 is a great day when conditions are tough, and you followed your strategy to the letter.

-I do not know what is going happen, and convincing myself otherwise is sabotaging my success. Anything can happen in the market at any given time. That is why I must follow my plan, because over a great many trades it has been proven to work.

-Based on the above principle, I realize I don’t need to know what is going happen next in order to make money. I just need to follow my system.

-Since I don’t know what is going happen, I have to set a maximum loss for each trade, and also only risk a small percentage of my account on each trade.

Tying it Together

Performance becomes a by-product of trading consistently according a plan. Therefore, your goals as a new trader are to simply find a trading plan or strategy and follow it–you can buy a strategy, get one from a book, or create your own. Just make sure there is validity to the strategy and that it has worked over the course of time.

Then try to follow the plan for one trade, then two, then a whole day, then a whole week. Don’t worry about performance, you’re goal is to build consistency in how you act. If the strategy does end up being a loser, you can always change it down the road. If the strategy works, but you can’t seem to follow it, work rigorously on instilling the above mentioned beliefs. Think about then constantly, and slowly they will become personal beliefs, helping you stick to your primary goal of consistently following your plan.

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    What Are S.M.A.R.T. Goals?

    What Are S.M.A.R.T. Goals?

    One of the topics that I discuss frequently on this site is setting goals. Setting goals is extremely important for several different reasons.

    • Firstly, goals keep you motivated. They give you a target to aim for, which helps to keep you focused amid distractions and discouragements.
    • Secondly, achievable short-term goals can feed into your positive self-image as a trader as you reach them. This can help motivate you toward your longer-term goals.
    • Finally, goals can remind you of why you are trading. The reason for trading must go beyond “I want to make a lot of money.” It needs to be something meaningful. Perhaps it is something the money can help you buy, but it needs to be specific.

    Have you ever heard of S.M.A.R.T. goals (sometimes simply spelled SMART)? SMART is a mnemonic generally attributed to Peter Druker’s management by objectives concept. The mnemonic has been used by many different writers in psychology, business, and other areas, but probably was first mentioned by George T. Doran in Management Review in 1981.

    SMART stands for S pecific, M easurable, A ttainable, R elevant, and T imely.

    Having SMART criteria for your binary options trading goals can help you to establish useful, realistic goals which will help you to trade effectively and become successful. Let’s talk about each of these criteria in detail and how they relate to trading goals.

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    Specific

    A SMART goal must be specific. “I want to make a lot of money” is a common but problematic goal because it does not specify how much or on what schedule. It is so broad that it is not clearly defined, and that means that there is no way to measure whether you are meeting your goal or falling short of it. In binary options trading, it is important that your goals be specific so that they can also be measured.

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    Specificity also is relevant where non-monetary goals are concerned—or goals which may not be directly related to an amount of money. “I want to make X amount of money by X date” is specific. But so is something like, “I want to make enough money that I can _____” (buy a new house, pay for my child’s college education, create a personal project, etc.). These goals are meaningful and motivating.

    You can have all the money in the world and not be happy if you have nothing valuable to use it on. So have a specific plan for what you are going to do with all that money once you get it. You may also want to set other goals in your life outside of trading which relate to achieving those goals. For example, if there is a personal project you want to finance, you might also want to set goals relating to research to complete the project.

    Measurable

    “I want to make a lot of money” is not a measurable goal. There has to be some way to objectively (or as close to that as possible) assess whether you are achieving your goals. “I want to double my account within six months” is measurable and specific. There is a specific dollar amount and a timeline set, which allows you to measure whether or not you have met your goal.

    You also should set measurable and specific statistical performance goals for your system. These are arguably more important than goals which relate directly to dollar amounts. If you achieved an 85% win percentage while demo testing for example, make it your goal to achieve that same win percentage or close to it while you are trading live. That is a measurable, exact goal which will help you to keep your trading on track.

    Attainable

    Out of all the SMART criteria, this is the one that newbie traders most often fail to meet. When you are first getting into trading, you are probably going to find yourself daydreaming quite a bit about the massive amounts of money you are going to make someday. Not a lot of businesses are as scalable as trading. And if you are used to working a 9 to 5 job where you are paid a salary or paid by the hour, you know that there is a limit to how much money you can make. You might get pay raises from time to time, but always in a linear fashion. Trading income can grow exponentially.

    This is what leads new traders to set goals like, “I want to make a million dollars within three years!”

    You might even run the numbers and discover a goal like this is possible, assuming absolutely everything works to perfection.

    This kind of goal is not an attainable one, however, even if it were possible. Yes, there is a chance you could do it, but it is unlikely that everything will work out to perfection and in your favor. And then what happens if three years from now you are nowhere near your million dollars on paper? Even if you are actually making substantial progress with your trading and making smart decisions that will eventually get you to that million dollars, you may get down on yourself and underestimate your progress toward your long-term goal. You may consider yourself a failure, question your choices, and start making bad judgment calls instead. This can actually lead you in a direction which is further away from your original (unattainable) goal.

    There is nothing wrong with wanting to make a million dollars. But trying to pinpoint a timeline for it right now, at the beginning of your trading career, is unrealistic. Instead, consider some short-term attainable goals you can achieve:

    • “I want to maintain an 85% win percentage or as close to it as possible during my first month of trading.”
    • “I want to end my first month of trading in the black, not in the red.”
    • “I want to follow all of my trading rules to perfection each and every time I trade.”
    • I want to increase my account size by 60% within 6 months.

    … And so on. These goals are short-term, finite, and attainable. By striving for them and meeting them, you will find the courage and confidence to continue on your path toward the million dollars you hope to someday make. And after you get used to trading live and start to meet your short-term goals, you will be able to set a realistic timeline for achieving your long term goals.

    Relevant

    Goals you set while you are learning binary options trading should have a strong relevance not only to trading, but to your life as a whole. This comes back to making goals which are specific to purposes other than simply making money. All of us want and need money to survive and to thrive. In that sense, wanting money is not a unique goal. It has nothing to do with you personally. In order for the goal of making money to have personal relevance to you, you need to have personal plans for what you are going to do with it once you have it.

    Figure out what it is that drives you. Why do you wake up in the morning and get out of bed on your hardest days? What would bring the most love and happiness into your life? How can you create joy for yourself and others? Come up with an expression of the best of yourself that you can create if you have the money from trading to finance it. Then set that goal in front of you as one of your long-term reasons for trading. That way your trading will stay relevant to you. And once you do start making lots of money, you will know exactly what to do with it to make the most of your fortune. The value that money has comes in part from the value we put into it!

    Timely

    The last SMART criterion is timeliness. We actually have already covered this criterion when we discussed attainable goals. This is why it is important to have realistic short-term goals, and not just long-term goals. Long-term goals are not all that timely, even if they do have a timeframe. The longer the timeframe is for a goal, the more unpredictable that timeframe will be. Short-term goals are achievable within a specific and predictable timeline. In order for them to be realistic, they cannot be too over-the-top. A combination of smaller short-term goals and larger, long-term goals is ideal.

    When developing short- and long-term goals, ask yourself the following questions:

    • What can I do within five years?
    • What can I do a year from now?
    • What can I do within six months?
    • What can I do within the next week?
    • What can I do right this minute?
    • What goals can I fulfill with each and every trade, all the time?

    The SMART criteria provide you with a wonderful tool for setting intelligent trading goals which will actually help you along the road to success. Any time you set a goal, you can reference the framework of S pecific, M easurable, A ttainable, R elevant, and T imely. If your goal fits within the framework, it is a sound goal worth pursuing. If your goals are failing to meet the majority of the criteria, they probably are not going to help you to win at binary options. This is just one of many aspects of getting your head into the trading game. Read more about it here!

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