{Did you ever hear} of {GOAL SETTING TECHNIQUES} Theory? I spoke {concerning this} topic {within my} 1st TEDx Talk in Sydney, Australia (still {looking forward to} it {to create} online, but here’s my 2nd Tedx Talk posted). And, {when you} {might not} think it {pertains to} you, {believe me} {it can}!
Basically, it’s {a particular} {method of} setting goals {in a manner that} {can make} you {more prone to} achieve them. {It is a} concept that {started to|begun to} gain traction in the 1960s and {that i} believe can augment the teachings of the Tim Sykes Millionaire Challenge.
Here, I’ll {provide a} brief overview to {GOAL SETTING TECHNIQUES} Theory, then give specific {tips about how to} {make it happen} {for you personally} as {each day} trader.
{What’s} {GOAL SETTING TECHNIQUES} Theory?
{Everything} started with the pioneering research of Dr. Edwin Locke in the late 1960s. After spending {enough time} researching {goal setting techniques} and motivation, he released a 1968 article entitled “Toward a Theory of Task Motivation and Incentives.”
{In this post}, Locke stated that employees were motivated by clear goals and appropriate feedback. He {continued} {to state} that working toward {an objective} provided {a significant} {way to obtain} motivation {to really} reach the goal-which, {subsequently}, improved performance.
Locke’s research showed that {there is} a relationship between how difficult and how specific {an objective} was and people’s performance of {an activity}. He {discovered that} specific and difficult goals {resulted in} better task performance than vague or easy goals.
Download a PDF version {of the} post as PDF.
Telling {you to definitely} “try hard” or “do {your very best}” is {much less} effective than specific instructions {such as for example} “{make an effort to} {have more} than 80% correct” or “{focus on} beating {your very best} time.” Likewise, having {an objective} {that’s} too easy {isn’t} a motivating force. Hard goals {tend to be more} motivating than easy goals because it’s {a lot more} of an accomplishment {to accomplish|to attain} something that {you need to} {work with}.
{Many years} after Locke’s findings, another researcher’s work {could} expand upon it. Dr. Gary Latham studied {the result} of goals {occur} the workplace and his findings supported Locke’s. The inseparable link between {goal setting techniques} and optimal workplace performance was formed.
Later, Locke and Latham {continued} {to create} a work entitled “A Theory of Goals Setting and Task Performance.” In this document, they reinforced {the necessity to} set specific and difficult goals {plus they} outlined three other characteristics of successful {goal setting techniques}.
{GOAL SETTING TECHNIQUES} Theory: Why it Matters
{The info} on {GOAL SETTING TECHNIQUES} Theory above probably didn’t surprise you much as you read it. But, actually, {it is a} great illustration of how pivotal this research was.
{Due to} Locke and Latham’s work, {the thought of} using specific {goal setting techniques} {approaches for} workplace success {is just about the|is among the most} standard.
This, {needless to say}, begs the question: how {do you want to} apply his theory to {your personal} performance goals?
{GOAL SETTING TECHNIQUES} Theory as a trader
As a trader, {here are a few} of {the various} ways {that you could} incorporate {GOAL SETTING TECHNIQUES} Theory into your routine:
Set specific goals. Setting specific goals {can help} your career {in lots of ways}. {For just one}, they keep you motivated. So, when setting goals as a trader, {concentrate on} {items that} really fire you up. Aim big, not small! Nobody’s ultimate dream is “{pay back} {student education loans}.” That’s {just a} pit stop {on the path to} what you {want} out of life. Set big, lofty goals and {small} stuff {will most likely} {belong to} place. Specific and meaningful goals {can help you} use the {GOAL SETTING TECHNIQUES} Theory concept {in your favor}.
Set sub-goals. {I want to} clarify something above. While {I’m} {a large} believer in setting big, inspiring goals, I also do {have confidence in} breaking them {into} bite-sized chunks. So, {for instance}, if {paying down} your {student education loans} or debt is keeping you from getting ahead, {paying down} {those ideas} would absolutely {be considered a} sub-goal {on the way} to realizing your much bigger goal. But, it’s only by setting specific long-term goals {that you could} {breakdown} the steps {essential to} reach them.
Create markers for evaluating your performance. As you work toward {your targets} and gain more experience as a trader, {you may use} {your personal} past performance as a marker {for the} productivity {continue}.
{For instance}, say {you’re} successful in 6 out of 10 trades this month. {You may} try to {observe how} {to improve} your average to 7 out of 10 {another} month. {It may be} another challenge, but basically, {the theory} here is {to utilize} your past performance {to attempt to} streamline and improve {later on}. {It creates} it {sort of} {a great} game and challenge with yourself.
Stay accountable. Whether you’re {section of the|area of the|portion of the} Tim Sykes Millionaire Challenge team {or perhaps a} {very long time} trader, having a mentor or peers {to check on} in with about {your targets} {can be quite|can be extremely} helpful. {It may be} {a casual} thing or {it may be} more scheduled: say a five-minute check-in on a weekly basis. {Once you learn} that you’ll {need to} discuss your progress toward {your targets} with someone on a frequent basis, {it does increase} motivation. You’re {more prone to} stick to {your targets}!
{Ensure that your} goals remain inspiring. {Make sure to} have frequent check-ins with {you to ultimately} evaluate your progress toward {your targets}. But, {a lot more}, {make sure to} {stay static in} touch with how inspiring {your targets} are. {As time passes}, priorities and desires can shift. Say that you started with {an objective} of buying {an extravagance} car, {but also for} whatever reason that {no more} fires you up. Clearly, you’ll {have to} change your goal {in order that it} is more aligned {using what} {could keep} you inspired.
{For instance}, while obtaining physical wealth was {probably the most} motivating thing {for me personally} {for a long period}, now {I’m} more {centered on} charity. Give yourself room to adapt.
Employing concepts of {GOAL SETTING TECHNIQUES} Theory {can certainly help} {to boost} your trading career. {Not merely} does it {offer you} something specific to work toward, {but it surely} {can help you} maintain inspiration and motivation. {That is} {essential for} trading success!
So, please do leave a comment below if {GOAL SETTING TECHNIQUES} Theory now makes better sense {for you}!