It’s important to have big goals and dreams and sometimes they feel so close that you can practically taste them. At these times, staying committed to your goals seems effortless. However, at other times, your goals may feel so far away that they seem absolutely impossible to reach in this lifetime. At these times, it’s far harder to remain committed.
1. Set goals. Before you can stay committed to your goals, you need to set goals. Setting goals that are as specific as possible is one of the most vital ingredients in making your financial dreams a reality. You must set goals.
Put it this way. If you want to become a millionaire (and who doesn’t?), rather than setting a simplistic goal like “make a million dollars”, it’s far better to think about what those millions could accomplish in your life. Set specific goals for what you hope to attain, or how you want your quality of life to change. When applicable, apply a specific financial sum to your goals.
It’s far easier to give up when your goal is very pie in the sky and vague. However, when you create specific goals, you will feel passionate about attaining those things and that quality of life; this will help you stay committed.
2. Revisit your goals frequently. Setting goals isn’t a “one and done” sort of deal. You need to revisit your goals frequently. It might not actually be on a daily basis, but it should be something that you make a regular habit.
It doesn’t have to be a big thing: simply consider your goals and evaluate your progress toward them. Are there things you are doing right or wrong? Evaluate these things and adjust your modes of working accordingly.
3. Set routines. Routines might seem boring, but they can take you to sexy places (i.e., making millions). You just want to make sure they’re positive routines.
By and large, millionaires didn’t get to where they are by winging it. They’ve taken the time to cultivate good habits, and that takes discipline and routine.
So take the lead and figure out what routines work for you. Figure out the best times to trade, the best times to read and do research, and the best time to rest. By establishing routines, you’ll allow yourself to work more consistently, which will deliver better results.
4. Stay inspired. Sometimes your motivation needs a little nudge in the right direction. Seeking out external inspiration can be a great way to stay on track with your goals.
One great way to stay inspired is to look at people who are killing it as traders or in business, people like my top trading challenge students who you should get inspired by:
5. Look at the big picture. It can be easy to lose sight of your goals and feel your motivation diminish when times get tough. Unfortunately, since tough times and mistakes are inevitable for every trader, you need to learn coping mechanisms so that you don’t give up.
Often, looking at the big picture can be helpful. Maybe things are not going as you’d like at this exact moment, but with enough hard work, dedication and patience, your future is bright. So, always remember to look at the big picture. You’ll realize that what you’re going through right now is temporary, and that it doesn’t mean you’re doomed to fail.
6. Stay accountable. Self motivation is extremely difficult. While you need it to be successful as a trader, sometimes you need to look to your network to help keep you accountable.
Members of the Tim Sykes Millionaire Challenge are held accountable because they have their peers, their goals, and me to hold them accountable. This can prompt them to step outside of their box and try new techniques and continue to challenge themselves. My students have a stronger work ethic because the challenge holds them accountable. Having someone or something to answer to is a powerful motivator, so make sure you’re holding yourself accountable.