Published on September 29th, 2019 | by John Kane2
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.
Happy Goal Setting, Traders!
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