New Year resolutions

Happy New Year!

It is the middle of the afternoon on New Year’s Day as I start writing this. Many years ago (when the dinosaurs roamed the earth) I would make annual resolutions. I would have already given up on them by this time of day. I think the only exceptions were during my college days when my eyes would still be closed for several more hours.

There is just something about the way many of us think of New Year resolutions. A lot of the time they consist of things to give up. The rest of the time they are new habits that we will start tomorrow. Today is a holiday after all. The only problem is that by January 2nd the fresh start feelings have usually already left the building and tomorrow seldom comes for the new habits.

Here are some tips to keeping your New Year resolutions.

Keep Moving Forward

Since none of us woke up transformed this morning, it is time to think about another mindset to help us to stay on track. Pick something that works for you.

For me it is keeping in mind the analogy that I am taking a road trip. I am headed on a journey and know the destination. I have a year to get there. But since I picked the time and the destination, I will not beat myself up if a scenic detour gets me distracted for a small while. I can head back to the main road at any time.

Goal Assessment.

Whether it is to strengthen your determination or to just keep moving forward, you need to have a clear path in mind. Yesterday, you determined if your goals met your life priorities and made some adjustments. I would like for you to take another look at your new goal sheet to make them even more real and make it more likely that you will succeed.

Many goals are just an idea. “I am going to get organized.” “I am going to improve on my finance.” You have an idea of your intentions.

Make the goal more solid. Make the goal more real.

Select a Measurement

The first thing you have to do is find a way to add measurements to your goal. If you are wanting to improve your trading account, measurement is fairly easy, you choose number of PIPs to target per day. Quitting smoking - the number of cigarettes. Drinking - the number of drinks. Finances - dollars.

But if your goal is to build your relationships, a measurement may be harder to come to mind. How about roughly counting the number of smiles, hugs, kisses, phone calls, or gets togethers? If you are trying to get organized, you can pick the number of spaces, percentage of the house or the time it takes to do tasks.

There is a measurement to most goals even if it is not obvious at first. Finding and marking that measure helps you to hold yourself accountable. Holding yourself accountable makes it less likely you will let go of your goal.

Set Your Base Line and Your Finish Line

You have probably already got an idea of your finish line. Apply the measurement and rewrite your goal as a quantified statement. “I will {verb} {number} {measurement unit}”. I will make 100 pips/day. I will drink zero drinks. I will organize 20 spaces (you know because you named and counted them). Do this for each goal.

Look at where you are right now. Apply the measurement. I make 30pips now. I have 2 trading strategies in cue. I get 3 hugs a day. I drink 20 beers a day. Whatever your now happens to be. And please do not do like you do when you go to the doctor’s office and minimize the number. If you smoke 5 packs a day, list that you smoke that many cigarettes. Always be honest with yourself.

This is your base line. I know you are aware of where you are right now, but if the actions you do to achieve your goal were to make you take too many steps back, would you know it? Setting a baseline now will help you to determine if you need to make adjustments to your methods or if your goal may be too lofty.

Sometimes things look worse before they get better. Setting a base line will help you see more quickly if you are taking 2 steps back then three steps forward and just need to give yourself more time or if you are simply headed completely in the wrong direction.

Check That You Have Realistic Goals

Now take a look at the finish line you set for each of your goals. Are they realistic? Do you intend to save or reduce your debt by more than your annual income? Are you planning on making 200pips/trade when the daily average range is about 150pips/day?

You can make adjustments at anytime in the future. It is just better for your esteem and motivation when you raise the bar than when you lower it.

Be realistic with yourself and set solid goals that are very doable.