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Trading Binary Options on Nadex, Setting Achievable Goals
You may or may not already be Trading Binary Options on Nadex. You may be just looking and figuring out whether or not this is something you want to do. Throughout the existence of Dex Signals, Maxx Fairo has found a consistent theme with many of the binary options traders that have passed through our doors. That theme is not properly Setting Achievable Goals.
Maxx Fairo’s Top 5 Ways to Setting Achievable Goals
- Be realistic.
Believe it or not, this is actually many traders main issue. There is so much information out there in this industry, that it’s easy to sit and dream about making millions while never getting out of your PJ’s. Dreaming is good, but you must realize there are actionable steps needed to progress. If you have a job, than a good first goal is to make your first dollar online, than 2, than 4, etc… Start small, scale up, but always remember to be realistic with your goal setting.
- Know Your Limits and Time Restraints
Another big issue with traders setting goals, is many times people overlook their own limits. If you have set a goal with a time limit on it, (I want to be making $100 extra a week trading by the end of the month) but you only have an hour or 2 a day to learn and trade, well you pretty much have set yourself up for failure. Why? Because now you have placed a time frame on your goal and if you do not reach that amount by the time limit you gave yourself, you are more likely to see that as a fail and give up. We recommend NOT placing time limits in your goal setting, it’s tough enough without you placing yourself under the gun.
- Leverage others
Sometimes having a time limit in your goal is unavoidable, (If I don’t make an extra $100 a month I can’t afford my car payments). What do you do than? You know your limits so now is the time to leverage others. As a great example, we have 2 chat rooms on Dex Signals we call the Pro Trader Rooms. Members can converse, swap strategies and styles, share screenshots, and basically have a place where we can all come together to help each other reach our goals. Whatever it is that you need to reach your goal, there is someone out there who possesses it! By learning to leverage others, you can and will reach any goal faster than you can by yourself.
- Maximize your time
As humans, our brains are hard wired to use as little energy as possible so we create shortcuts within our minds that helps us make sense of the world around us. These shortcuts help our brain “reach a goal” while using as little energy as possible, thereby maximizing our ability to process information faster. Determine the steps you can take to maximize your time, a ghost writer is a great example of how a writer can maximize their time. The writer can have 2 books produced in the same amount of time it takes to write 1. Learning to maximize your time is an essential step to reaching each and every goal you set.
- Be persistent
If you have set a goal to make an extra $100 a week trading and you only made $75, many people will see this as failing to reach their goal. Wrong! What this really means is that you set your goal too high to begin with, remember number 1? The only time you can ever really “Fail” to reach your goals, is when you stop trying! The time it takes to reach goals is actually not even relevant.