This article will present you an eleven step plan for investment excellence. In order to reach your investment goal, you need to follow the prescribed plan. The earlier you start, the closer you get to your goal. Investing is a journey. You must know where you are, where you are going, and a plan to follow the steps. Few people realise its importance while trying to make money. The first three steps involve goal setting. So let’s discuss what the steps are.
Step 1: Develop your goals
Start with keeping a wishlist. Write down everything that you are fond of in the list. Imagine you don’t have any limitations. Just keep wishing. Don’t think too much about anything. Put down everything on the paper until your 10 minutes are over. After you finish writing, estimate the time required to reach that goal. Rank the goals according to the time frame. Make a separate list of the top 10 most important goals.
Step 2: Look over your list
You can learn a lot just by making a wishlist. Look over your list once again. Is investment success one of your top 10 goals? If it is, how determined are you to achieve it? If you are really not committed, take it off from the list. If you doubt any of the goals, then you are not fully committed. Even if you are committed to just two of the mentioned goals, that’s fine. Others might just be interruptions.
Step 3: Make sure your goals are well-informed
If you want satisfaction from your goals, they must meet certain conditions. The goals should be such that they should satisfy below-listed criteria. If needed, rewrite the goals. If you are not able to modify any goal, then discard it.
- Make each goal positive and specific
- Pick process-oriented goals rather than results-oriented goals
- Have a mechanism to know when you have reached your goal. Some of the evidence could be by seeing, feeling and hearing.
- Your goal should be desirable to you and in the best interest of people who are important to you.
Step 4: Take responsibility for what happens
You should initiate and maintain your goal. Never rely on others for your success. If you are giving over your money to somebody else to manage it, then you have decided to allow others to control your money. If you are taking advice from an advisor, you have decided to seek and accept that person’s advice. You should take responsibility for your actions, to maintain the power of choice.
Step 5: Focus on your resources
Collect all the information and resources that will help you to achieve your goal. It could mean developing new resources. Your mental state, which is an internal resource, plays a crucial role in achieving what you desire. Develop the skills required to succeed. Give it as much as time possible with the highest commitment.
Step 6: Determines what stops you
After you go through your list, determine what is stopping you from reaching your goal. What are the things you lack in? Is it the required minimum amount of capital or something else? Are you mentally strong to withstand continuous loses? Make a comprehensive list. Once you know your obstacles, you can overcome them much easier than unknown obstacles.
Step 7: Develop mastery
Find out things that you don’t know and are necessary to achieve your goal. You should produce results no matter what. Process your brain to provide the desired results. Famous investor Burton Pugh has said that
“Money is made by aggressiveness and determination. If in doubt, learn more about what you’re doing.”
Trading without any knowledge and rules is just gambling. The successful trader must master the game if he wishes to win. A master is one who can produce results effortlessly. It requires hard work and study.
Step 8: Develop a specific plan
One of the reasons why traders fail is due to lack of proper planning. Many investors and traders have no investment plan. The need to develop a strategic plan should be in the minds of traders. You should ask yourself questions like:
- What is the capital of my investment? Do I understand the consequences of losing the entire capital?
- How much time am I willing to spend learning and analysing?
- How will I manage my money once I am in a trade?
Take each goal and write the date you expect to achieve it.
Step 9: Begin
This step asks, what is the first step you would take to reach your goal? The first step should be to start NOW! You need to be fully committed. If you are feeling hesitant about anything, write it down and sort it out. Do not give excuses; give more reasons for wanting that goal. The more reasons you give, the more committed you will be.
Step 10: Once each day give gratitude
Giving gratitude to this eleven step plan is very important. If you are overconfident about being successful, then your ego will stop all your progress. Thus, it is always good to make assumptions that the universe is just your friend and assisting you in achieving your goal.
Step 11: Continually monitor yourself
Do daily debriefing of your trades. Use the top trading tasks on a daily basis. By monitoring yourself daily, you don’t repeat your mistakes. After gaining experience, you will not be aware of using these guidelines, because they will become second nature to you. They automatically get imbibed in you.
These 11 steps are not just for the sake of reading. Include them in your business plan. Always follow these 11 steps. Practice them until your unconscious competence. If you want to be successful in trading, you need to do it. You may develop some conflicts while following the steps, so conflict resolution is the topic of upcoming articles.