Goal Setting for Success in Binary Trading

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Training

Training Review: Certus Trading

March 10th, 2020 | by John Kane

Today I’m looking at a collection of high priced binary options trading products, Certus Trading. The producer of these products is [&hellip

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Review: Options Animal (Cost, Classes, Membership)

February 14th, 2020 | by John Kane

“Proper skills and proven trading strategies” are two very basic but important requirements to survive as a successful trader in [&hellip

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Binary Review: Success Trading Academy

January 4th, 2020 | by John Kane

Today I’m looking at a new binary options product promising traders the opportunity to learn the markets easily from home, [&hellip

Education

The Fundamentals of Binary Options Market Analysis

October 28th, 2020 | by John Kane

As a binary options trader or a newbie just stepping in this trade market, you must already be aware of [&hellip

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Understanding the Automated Trading & Robots in Binary Options

October 25th, 2020 | by John Kane

Binary options automated trading bots or binary robots are gaining popularity every second in the market because of their ability [&hellip

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A Comprehensive Guide to Market Analysis for Binary Options

October 24th, 2020 | by John Kane

If there’s one thing exciting about binary options trade market, it is the possibility of extracting high profit margin. However, [&hellip

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Improve Your Binary Options Trading Game (Tips)

October 21st, 2020 | by John Kane

The binary options trade market and Forex market is very dynamic and lucrative; however, it can easily get challenging and [&hellip

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October 8th, 2020 | by John Kane

In Binary options trading, it is usually very hard to grasp the essence of time frames and trends. Trends and [&hellip

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The Secrets to be a Successful Binary Options Trader

October 2nd, 2020 | by John Kane

Binary options trading is dynamic, exciting and takes a holistic understanding of stock market intricacies, if you want to profit [&hellip

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Goal Setting for Success in Binary Trading

September 29th, 2020 | by John Kane

The Binary Options market is saturated with trades, strategies and has a strong competitive vibe about it. All this excitement [&hellip

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    A Successful Trading Mindset – Setting Goals Part 1

    Verified Profitable Trader

    In a great study by Thomas Corley on the daily habits of successful wealthy business people vs. the poor, some fascinating statistics were unearthed. Here are several below:

    -76% of wealthy people exercise aerobically at least 4 days a week vs. 23% for the poor
    -Those same wealthy people eat over 30% less junk food
    -65% watch less than 1hr of TV a day, and almost never watch reality TV
    -88% of those same wealthy people read 30 minutes or more each day vs 2% of the poor
    -and lastly, 67% of those successful business people write down their goals vs. 11%

    It should be noted almost 70% of these now successful people started off in poverty.

    One statistic this study really dug into was that of setting goals, and the discrepancy was overwhelming across the board. Here they are below:

    1) 67% of successful business people write down their goals vs. 17% of the unsuccessful
    2) 80% focus on accomplishing a specific goal vs. 12% for those struggling
    3) 86% believe in continual self-improvement and education vs 5%
    4) 84% believe good habits create opportunities vs. 4% for the poor people
    5) 76% believe bad habits have a negative impact vs. 9%

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    Hence, highly successful people write down their goals, focus intensely on accomplishing a specific goal, continually train and work on themselves, are super confident good habits create more opportunities, and avoid negative habits and limiting beliefs.

    Now ask yourself, have you written down your trading goals, or are they just in your head? When you are training, are you working on a specific skill, and doing deliberate practice? Or are you just going through the motions waiting till the market opens? Do you just think between your two ears you should write in your trading journal, or are you writing in it each day you trade and train?

    Where are you at in this spectrum of habits and in setting goals? It’s one thing to say, ‘I want to make 10% a month‘, or ‘I want to be a professional trader’. But do you follow it up with action? Do you set goals, build a specific plan of action to accomplish that goal, and then put hours into that plan of action every day?

    If so, then you have a key piece in place towards trading successfully. But if not, spend about 1 minute asking yourself why you haven’t set any trading goals, then the next 30 minutes discovering what those goals are, and what you need to do to accomplish them. From there, you have to take action.

    In reality, the largest portion behind your success is the choice to think successfully. What you think and do has the greatest impact on your success or failure. I meet a ton of people who were highly successful (at something) before they came to trading. Yet they get stumped on how to trade successfully and become frustrated.

    That frustration is a type of amnesia. It’s forgetting you weren’t always successful at what you are now. It took time, likely hundreds of hours, you made an ocean of mistakes, worked hard when it wasn’t convenient, and kept going when problems hit you for a loop.

    Where is that wisdom now? Where is that experience now when you are experiencing your frustration? Rely upon that, and use it to keep moving forward. Tune your mind to what you want to accomplish, understand what it takes to achieve that, continually work on building a successful mindset, and then get to work.

    Nothing about this will be easy, but nothing great ever is.

    In a follow up article, I will cover some key methods to setting proper goals towards success.

    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.

    Best Binary Options Brokers 2020:
    • Binarium
      Binarium

      Best Binary Options Broker 2020!
      Perfect For Beginners!
      Free Demo Account!
      Free Trading Education!
      Get Your Sign-Up Bonus Now!

    • Binomo
      Binomo

      Good Choice For Experienced Traders! 2nd place in the ranking!

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