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Set realistic goals and track your progress towards them from "summary" of How I Made BIG Money Trading Stock Options by Carl Schoner
Setting realistic goals and tracking your progress towards them is crucial in achieving success in stock options trading. It is essential to have a clear idea of what you want to achieve and to break down your goals into smaller, achievable steps. By setting realistic goals, you can avoid feeling overwhelmed and stay motivated to continue working towards them. Tracking your progress is equally important as it allows you to monitor how you are performing against your goals. By keeping track of your trades, analyzing your results, and identifying areas for improvement, you can make informed decisions and adjust your strategies as needed. This continuous monitoring and evaluation process will help you stay on track and make progress towards your goals. In order to set realistic goals, it is important to be specific about what you want to achieve. For example, instead of setting a vague goal like "make more money," you could set a specific target such as "increase my trading profits by 20% in the next six months." This specific goal gives you a clear target to aim for and allows you to measure your progress accurately. It is also important to set achievable goals that are within reach based on your current skills, knowledge, and resources. Setting overly ambitious goals can lead to frustration and disappointment if you are unable to achieve them. By setting realistic goals that are challenging yet attainable, you can maintain a sense of motivation and progress towards success. Tracking your progress towards your goals can be done in various ways, such as keeping a trading journal, using trading software to analyze your performance, or working with a mentor or coach to review your trades. Whatever method you choose, the key is to regularly review your progress, identify areas for improvement, and make adjustments to your strategies as needed. By setting realistic goals and tracking your progress towards them, you can increase your chances of success in stock options trading. This disciplined approach will help you stay focused, motivated, and on track to achieving your financial goals in the long run.
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