Learn how to set trading targets correctly. Why do you need them and why are they important

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Golden Rules of Goal Setting

Five Rules to Set Yourself Up for Success

Have you thought about what you want to be doing in five years’ time? Are you clear about what your main objective at work is at the moment? Do you know what you want to have achieved by the end of today?

If you want to succeed, you need to set goals. Without goals you lack focus and direction. Goal setting not only allows you to take control of your life’s direction; it also provides you a benchmark for determining whether you are actually succeeding. Think about it: having a million dollars in the bank is only proof of success if one of your goals is to amass riches. If your goal is to practice acts of charity, then keeping the money for yourself is suddenly contrary to how you would define success.

To accomplish your goals, however, you need to know how to set them. You can’t simply say, “I want” and expect it to happen. Goal setting is a process that starts with careful consideration of what you want to achieve, and ends with a lot of hard work to actually do it. In between, there are some very well-defined steps that transcend the specifics of each goal. Knowing these steps will allow you to formulate goals that you can accomplish.

Here are our five golden rules of goal setting, presented in an article, a video and an infographic.

Click here to view a transcript of this video.

The Five Golden Rules

1. Set Goals That Motivate You

When you set goals for yourself, it is important that they motivate you: this means making sure that they are important to you, and that there is value in achieving them. If you have little interest in the outcome, or they are irrelevant given the larger picture, then the chances of you putting in the work to make them happen are slim. Motivation is key to achieving goals.

Set goals that relate to the high priorities in your life. Without this type of focus, you can end up with far too many goals, leaving you too little time to devote to each one. Goal achievement requires commitment, so to maximize the likelihood of success, you need to feel a sense of urgency and have an “I must do this” attitude. When you don’t have this, you risk putting off what you need to do to make the goal a reality. This in turn leaves you feeling disappointed and frustrated with yourself, both of which are de-motivating. And you can end up in a very destructive “I can’t do anything or be successful at anything” frame of mind.

To make sure that your goal is motivating, write down why it’s valuable and important to you. Ask yourself, “If I were to share my goal with others, what would I tell them to convince them it was a worthwhile goal?” You can use this motivating value statement to help you if you start to doubt yourself or lose confidence in your ability to actually make the goal happen.

2. Set SMART Goals

You have probably heard of SMART goals already. But do you always apply the rule? The simple fact is that for goals to be powerful, they should be designed to be SMART. There are many variations of what SMART stands for, but the essence is this – goals should be:

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Set Specific Goals

Your goal must be clear and well defined. Vague or generalized goals are unhelpful because they don’t provide sufficient direction. Remember, you need goals to show you the way. Make it as easy as you can to get where you want to go by defining precisely where you want to end up.

Set Measurable Goals

Include precise amounts, dates, and so on in your goals so you can measure your degree of success. If your goal is simply defined as “To reduce expenses” how will you know when you have been successful? In one month’s time if you have a 1 percent reduction or in two years’ time when you have a 10 percent reduction? Without a way to measure your success you miss out on the celebration that comes with knowing you have actually achieved something.

Set Attainable Goals

Make sure that it’s possible to achieve the goals you set. If you set a goal that you have no hope of achieving, you will only demoralize yourself and erode your confidence.

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The Importance of Feedback

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Feedback is a vital part of any leader’s skillset. Project managers, team leaders, teachers, coaches develop this skill over the course of their careers. Not just giving feedback, but also receiving it is essential for efficiently sharing information within teams and groups. Let’s take a closer look at its value and learn how to get better at providing it.

Constructive feedback is a robust tool for creating healthy environment, boosting productivity and engagement, and achieving better results. This works for business, sports, education, and many other activities.

Feedback positively influences on communication, team members’ interaction and teamwork results in different fields. Here’s how it works for different processes:

  • The importance of feedback in the workplace is hard to overestimate: sharing information on what can and needs to be improved helps optimize work process and get things done in less time.
  • Feedback is of great help in leadership and communication: it creates a clear picture and increases transparency.
  • Feedback plays the crucial role in education and learning by helping adopt new knowledge sooner and avoid repetitive mistakes.
  • The same applies to feedback in sports and coaching: it helps learn new skills and get better results.

Why Is Feedback So Important?

So, what exactly is so great about feedback? Let’s see how team leaders can use it to influences communication and work inside their team or group.

  • Feedback keeps everyone on track, when done regularly. That’s beneficial for everyone involved in any type of activities: working on a project, preparing for an event, studying, etc.
  • Feedback helps your team avoid major mistakes by creating a clear and honest communication flow during any kind of teamwork. It saves you the time of correcting someone’s work, reduces errors caused by miscommunication to a minimum, and prevents regrets of those who feel like they failed.
  • You form better relationships with the people on your team by encouraging honest feedback. It often involves criticism, which is something most people aren’t comfortable with. But when given in the right way, it can help them evolve.
  • Constructive feedback motivates people and boosts their performance. A friendly approach works well here. You can not only help others see what they might be doing wrong, but allow them to use this as a piece of advice, not judgment. Make them feel like you believe in them and just want to help them reach the project’s goal sooner. That will make them even more motivated to do a good job.
  • Feedback promotes personal and professional growth. Feedback is about listening actively, taking the time to analyze, and then thinking of the best possible solution to perform better. It provides positive criticism and allows to see what everyone can change to improve their focus and results. It brings people together and creates a healthy communication flow.
  • A friendly work environment where everyone’s open to criticism and even seek feedback themselves (both from you and from their teammates) is another positive effect that saves you big time. It’s not uncommon that the best ideas come from someone on the team who simply mentions a solution to a problem or points out an issue that others haven’t noticed yet.
  • Business-related, direct benefits of feedback include business growth, saving money, making more sales, completing projects on time, and other positive changes in finance, relationships with customers, and company’s market positions.

All this makes people on the team more engaged in the work process. You might notice they show more involvement and loyalty once giving feedback becomes a regular practice.

The Skill of Providing Feedback

For a team leader, manager, or teacher, it’s extremely important to give feedback in the right way. While it is a powerful practice that creates a visible positive effect, it can also hurt people, lower their self-esteem or make them feel underappreciated.

To do this right, plan your approach in advance. Take into account some simple advice on what to do and what not to do when providing feedback and receiving it.

  • First, avoid anything that can be heard as blaming or judging: you want to motivate people and show them area for improvement, not the opposite. Always explain your team how open communication about possible improvements is a win-win situation. Mention their strengths first, after which you can point an aspect they can work on more.
  • Make sure you’re specific. The employees should know exactly what aspect of the project you’re talking about, what they did wrong, and how it can be improved.
  • Give people time to understand your feedback and make sure to receive their responses. They should be comfortable with sharing how they feel about it. Be open-minded and take into account your team members’ points of view.
  • Don’t forget to let them be part of the problem-solving process. Even if you already have a specific solution in mind, hear them out, then share your proposal using some of their words or ideas.
  • It is not uncommon that people aren’t actually sure what happened or what their next step should be. That’s why you should ask questions in the end and see if the other person received your message. Follow up after a few days to see how they are doing and whether there’s still an issue.
  • Last but not least, encourage team members to provide feedback as well. Leave your ego behind, ask them if they have something to add about your performance and role as a manager, and carefully listen to what they have to say. Let them give examples too so you can see what exactly they mean, then discuss this openly and together to find a way to make it work and use the feedback effectively.

Summary

Promoting feedback in a team should be your next move. Make room (and plan time!) for it in the process of planning your future activities. Take into account that, in fact, feedback should be present at every step. Give your team time to get used to this new, open-minded and feedback-friendly environment.

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5 Proven Ways to Set Goals and Achieve Them

In this achieve your goals article your will learn how to set and achieve your goals. Goals are not something you could achieve someday, they are something you should achieve.

“Our Dreams become Reality, when we first, give ourselves permission to Dream, wildly and without limits. Then we turn those dreams into Goals, which is the Bridge between the world Imagination and the Reality we create for ourselves.”

Setting Goals is by far one of the most important things anyone, who wishes to accomplish anything in life, must do.

Why is Goal Setting so important? In life, you are either part of somebody else’s plan, or you are part of your plan. People who don’t set goals, tend to “go with the wind”, and believe that life happens to them, or that whatever they have or don’t have is due to a matter of “luck”. Imagine, two sailboats on the Ocean. One says “I want to go to the Bahamas” and it sets sails to the Bahamas, and it gets there. The other one, never even thought about the fact that it is important to have direction, goes to the ocean, enjoys each day at a time and just “goes with the flow”. A few weeks later, it landed in Afghanistan.

That is difference between setting goals and not setting goals. It’s the difference between taking charge and control of your life, vs having life, taking control of you.

Taking charge, does not mean, not enjoying the journey, or not going with the flow. It simply means, you enjoy the journey, but you know where you are headed, and you work towards it, on a daily basis, until you reach your desired destination.

Don’t have your goals written down? Get started today, with this Free Goal Setting Worksheet

A research study done by Harvard University, took two distinct groups of people. The low achievement group, when asked to set goals and perform the same task, achieved significantly higher performance and success rates, coupled with higher levels of motivation, drive and happiness.

Hundreds of experimental studies have been done, and they have all proved the same conclusion: that Goal Setting increases significantly the Success rate, in any area of life in which it is a applied — this means — business, family, mental, physical, financial, spiritual, social etc. You will want to set goals for all areas of your life, otherwise, you may succeed in one, whilst all the other ones are out of balance.

With that being said, “although Goal Setting improves performance robustly, across various settings, it is nevertheless, a skill. One must learn how to effectively set goals” (S Turkay: 2020)

Throughout my life, I have always been a goal setter, tested many different systems and techniques, and achieved many of the goals that were closest to my heart. I have also learned, one specific thing, that was not taught anywhere else — and that is, your goals, must be aligned with your Purpose. When your goals are disconnected from your Purpose, you can set on a Life Journey to achieve many things to prove your external worth to the public, but not really be fulfilled from inside out. You will reach those goals, and still feel like there is something missing — and that is because the goals you set for yourself were not aligned with your Life Purpose.

In this article, I share with you 5 Proven Ways that you can Set and Achieve your Goals.

1.Align your Goals with your Purpose

Do you find yourself setting beautiful and amazing goals, but somehow losing motivation to do them? You force yourself to push through, and from the outside this is the “right thing” to be achieving, but something in your heart doesn’t feel like doing it. You are not motivated from within, and so you look for external motivators to keep you going.

If this sounds like you, more than likely, the problem is not motivation, but instead, lack of alignment.

There are two ways to set goals.

The superficial and traditional way is setting goals based on what you think you should be doing or accomplishing. These goals work and are achievable BUT, these are also the goals you are likely to drop along the way, because they are not aligned with your Purpose or/and Higher Self. You may not drop them, but you may get there and be like “oh is this it?”. The feeling you were after and experience you were after, were not delivered by this goal — because, this goal was never in alignment in the first place.

So, when you set your goals, go for your deepest dreams, desires, passions and Calling. Don’t let the voice inside your head tell you “it’s impossible”, “it’s too complicated”, etc — because if you don’t set that goal, you will never do, what you were put on earth to do.

Thus, my #1 tip is — Set Goals, aligned with your Soul & Purpose.

2. Keep your Goals Visible at all times

You may know what you want and where you are going. But it is extremely important to have a written plan for what you have set yourself to achieve, and how you plan to get to get there. It is even more important, to look at that plan often, because during your journey, I guarantee you, you will have many distractions and many shiny opportunities, that will take you off-course — if you don’t remember your destination.

Goals that are set and put away in some drawer to collect dust and forgotten are often never achieved. You need to stay connected with your goals, and review them often, so keep them somewhere where you can see them, rather than setting goals in a book and storing it.

Review your Goals each week and track your progress. See where you are falling behind, and why. Adjust your goal achieving tactics, based on your performance.

Look at your goals every day, if not every week. Stay focused.

3. Get an Accountability Partner or System

When you set goals, you want to make sure you achieve them. Goals are not dreams. After you have dreamed, you sit down, and you write down your goals. Goals are meant to be achieved. And especially when they are connected with your Life Purpose, then they take on a new form, they become something that you must achieve, rather than something you could achieve, someday.

What is one effective way to make sure you follow through on your goals?

Having an Accountability System or Partner.

If you set goals and don’t share them with anyone, it’s no big deal if you don’t achieve them as you would be the only person who knew about your secret goal, and if you are okay with letting yourself down, there is no accountability for not achieving that goal.

An accountability system ties your goal to a person, community or public who will hold you accountable. For example, when I first decided to have a blog, it was a an idea, in my imagination, connected to a bigger long term goal. I then connected that to my existing goal setting system. And then, I made the public, my accountability partner. So I would write, and publish consistently, even if I didn’t have enough readers. Just the fact that I had this blog live and public, pushed me to continue writing and publishing my work.

If you want to lose 10KGs, you may have a weekly and daily nutrition plan, to follow through and measure your plan against your results. You may share that plan with your accountability partner at the end of each day or week, and that alone subconsciously forces you to want to follow through. Or you may train with a friend 3 times a week, or with a personal trainer.Just knowing that your friend is waiting for you at 7am outside your house, will get you to wake up on time, put on your running shoes, and get to work. That’s the power of accountability.

4. Find a Goal that is Worthy of your Life

When we start any new journey, we imagine a smooth sail. We believe everything will be easy, smooth and go according to plan. I am an optimist by nature, so I confess, I often fall for this trap. Which is how I finally embraced the fact that the journey may not be a straight line, smooth and all champagne and caviar.

Your goal must be worthy of your life enough (rather than you being worthy of your goal), because when you face obstacles and challenges on your path, you must find the strength, drive and motivation to keep going. And any goal worthy of achieving, takes time, commitment, persistence and hard work.

If a goal is “not that important to you”, you will not do what it takes to achieve it. That doesn’t make you a failure, it simply means, you must find a goal that is worthy of your life.

5. Anticipate Roadblocks

Now that you know that your journey may not be a straight line, it means that you will be met with opposition, challenges and obstacles on the way to your goal. If you are not mentally prepared for them, these are enough to

1. Take you off course

2. Stop you and make you quit

So, before you start, prepare yourself mentally to meet obstacles, and to find the means and resources to overcome them.

Make a list in advance of all the potential roadblocks you think you will or can encounter. Then make a contingency plan for overcoming those.

Of course, there are blows that you never planned or even expected, and you will have to deal with those as they arise.

Overall, the most important thing, is to be mentally prepared, to face whatever opposition or challenges may come your way, and to be committed to finding a solution and staying on course — no matter how long it takes, or how tough it gets, you keep going, no matter what.

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