What can we all learn from Olympic athletes to meet our investing and trading goals? Here’s some tips from eOption:

1) Have a Vision and Create a Plan

Many Olympic athletes have a vision of themselves succeeding – whether it’s visualizing themselves crossing the finish line first in a triathlon, making the winning shot in a beach volleyball game or perfectly synchronizing their dive, they picture themselves a success.

For trading and investing, you need to have a vision as well. Do you see yourself with a growth portfolio earning a certain percentage annually, or are you looking for dividend paying stocks where you’ll have a certain amount of income each year? Are you looking to get more income in your portfolio from selling options? Are you looking to invest for your retirement? It’s important to set a vision for yourself and picture yourself succeeding.

You’ll also need to set small steps each week to get there. Maybe it’s checking your portfolio regularly to see how you’re meeting your goals, and making adjustments to you’re in line with your targets. It could also be watching an investing webinar to get ideas or checking with your brokerage firm to see what tools they can offer you – such as free stock scanners, research reports, or tools to generate trade ideas. The goal is to set a plan for yourself, and continue to learn and adjust.

2) Be Disciplined

It’s important to not set it and forget it. Like an Olympic athlete, you need to be proactive in meeting your goals. Many Olympians get up at the crack of dawn to train, and train throughout the day, 7 days a week. For investors, it could be setting your own investing routine – getting up at a certain hour, checking your favorite news and market reports, and setting your trading plan for the day. It could also be watching your stock positions, and making the difficult decision to sell when a stock doesn’t go your way or falls a certain percentage, or setting a stop loss position to sell if the stock goes below a certain price.

3) Keep Your Emotions in Check

For the 2020 Tokyo Olympics, we’ve seen how strong the athletes need to be emotionally and how mental health can affect an athlete’s performance. For Simone Biles, she pulled out of the team competition in gymnastics this week due to her mental health. For investing, it’s similar to keep your emotions in check. You don’t want to get swept away with what others are doing in the market or what’s being broadcast on tv. You’ll need to come up with your own trading rules to follow so you feel stable even on those days when the market is moving against you.

4) Check In to See How You’re Performing & Constantly Reevaluate

An Olympian is always measuring their performance, to see if they can get better. On a similar note for investors, it’s important to periodically check in with your investments, to see how they’re performing. If you’re not meeting your goals, it’s important to constantly readjust and reevaluate, so you stay on track with your vision and your annual goals.

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