21/08/ · Goals are an important part of achieving success in anything, forex trading included. However, goals can be tricky because people usually set them too high, out of the realm of what’s realistically achievable in an acceptable amount of time. For example, having a goal of ‘becoming a full-time trader’ is not going to do you any good if you don’t Estimated Reading Time: 7 mins How to Achieve Your Forex Trading Goals - Every trader has the long-term goal of making a lot of money in the markets. Most traders want to trade ‘full-time’ and quite their jobs and be financially free. These are good goals to have as a trader, yet as you probably know, few traders actually achieve blogger.comted Reading Time: 9 mins 04/09/ · In relation to forex, this could be a specific goal aimed at achieving certain profits or profit levels, or to achieve the completion of a trading strategy with a certain win percentage. The goal needs to be measurable, this will enable you to monitor and track the progress that you are making towards the blogger.comted Reading Time: 5 mins
3 Must-Follow Rules for Setting Proper Trading Goals
I would argue that goal setting is the most overlooked aspect when it comes to trading. And in my opinion, attempting to profit from the markets without having clear goals in mind is like trying to steer a rudderless ship. Well, forex trader goal, I hate to be the bearer of bad news, but that type of goal setting will get you in a heap of trouble, forex trader goal. For anyone familiar with goal setting, this one is going to take some getting used to. You may well know that the number one rule when setting goals is to make them measurable and specific.
By doing so, forex trader goal, you forex trader goal a goal meaning and also stimulate your subconscious mind to begin acting on your behalf. When it comes to goal setting, specificity breeds results. And when it comes to setting goals for a business, most revolve around making a specific revenue or profit.
As a Forex trader, you should avoid setting goals that focus on making a specific amount pips or money by a specified date and timeat least not forex trader goal the beginning.
I get hundreds of emails every month, and a significant portion of those include a question about the amount of money that a trader can expect forex trader goal make each month.
You see, when you direct your efforts toward perfecting the process, the profits will follow naturally. So if you want the profits, forex trader goal, focus on the process. Things like prudent risk managementrobust technical analysis and patience that only allows for the taking of the most favorable trade setups are a great place to start.
While this is highly dependent on your style of trading, here are a few general guidelines to get you started:. Some factors directly affect your trading such as the strategy you utilize while others are more indirect like your daily routine. But make no mistake, what you do from the moment you wake up to the time you lay your head down at night impacts your trading performance. Goal: Eat four to six healthy meals each day, exercise for a minimum of 30 minutes and get at least 7 hours of sleep each night.
For most, the answer will vary depending on the day. But having a defined process for how you go about analyzing market conditions is essential if you intend to achieve consistent profits.
This process should be the same every single day. This alone will help you develop discipline as it teaches your brain and your body to perform certain functions at specific times. Your process for analyzing the markets should do the same. Goal: Never take a trade until I have completed my process for analyzing forex trader goal conditions.
How much time do you spend sitting in front of your computer staring at your charts on any given day? And for some of you, it could be several hours every single day. After all, analyzing how the market moves is an excellent way to develop your trading skills. Remember, forex trader goal, the best trade setups are the most obvious. Goal: Spend no more than 30 minutes each day analyzing my charts for buying or selling opportunities. If nothing jumps out at me, do nothing until the next day.
There are many other ways in which you can achieve real results through process-oriented goal setting, but the three above would make for a great start in my opinion. The best offense is a good defense. But for the trader, this is a concept that should be practiced every single day.
But as a Forex trader, trying harder can have devastating consequences. Forget about the profits forex trader goal, at least until you develop enough self-discipline to know when to back off.
One way forex trader goal stay defensive is to set goals that encourage protecting what you have rather than attempting to make more of it. For example, one thing you can do is limit the number of trades you take each month.
So one of your goals could be to take no more than ten setups within any given month. At the start of the next month, strive to take half of the setups you took in the previous months. If most forex trader goal would learn to sit on forex trader goal hands 50 percent of the time, they would make a lot more money.
These statements may seem odd at first glance. Remember, there is nothing conventional or typical about trading. Having you run the entire length of a marathon for your first run in seven years would be crazy not to mention completely irresponsible as your coach.
You could get seriously injured not to mention demoralized about the whole idea of running a marathon. But this is what Forex traders do all the time.
They want to skip the training process and jump right into making big money. I love a good challenge, and I always maintain the belief that anything is possible if you put your mind to it and follow it up with the right amount of effort, forex trader goal.
But as I mentioned at the beginning of this post, trading is a different monster entirely. And it would never get easier because of the need to pull those profits from the account to forex trader goal bills. These are all things you can begin doing today. And while each one requires weeks and months to perfect, forex trader goal, they will offer you the quick wins needed to increase your level of confidence while maintaining a defensive mindset, forex trader goal.
Quick wins like the ones above will help build the momentum necessary to tackle financial goals later on. Sometimes to achieve a goal making money in this case you have to home in on the various processes that produce the desired outcome rather than the outcome itself.
Contradictions abound in trading, and one such contradiction is that of setting specific financial goals. Any novice trader who attempts to set financial goals is doomed to failure. In fact, the foundation forex trader goal set in the beginning defensive, process-oriented goals are what enable you to keep the profits that you make as a Forex trader.
However, forex trader goal, unlike most goals in life, forex trader goal, your trading goals need to be process-oriented and not profit-oriented. This will help keep you from overtrading and risking forex trader goal much.
As a general rule, goals in the Forex market should be defensive. In other words, they should focus on protecting the capital you have rather than attempting to gain additional money. Moving into this later stage of goal setting too soon can forex trader goal extremely disruptive to your trading career, forex trader goal. Which brings me to my last point — trading Forex or any other financial market is a career.
Save my name, email, and website in this browser for the next time I comment. Thank you so much for the great guidelines … and as you said its my turn now to achieve them thank you again. Glad I could help, Abraham. Let me know if I can be of assistance and best of luck with your goal setting.
Thank you for this article, Sir Justin. Hope i will learn from this and start doing it. Thank you so much. Thank you Justin, your rules is true, forex trader goal, I struggling with my mentality to push my self to make big profit to square forex trader goal loss with one word HOPE, forex trader goal, the market will move according to my goal. I have to discipline my mind to forex trader goal word HOPE when I am trading.
This is valuable lesson for me to change my, attitude and finally character when I make a position in forex trading. I agree with you protecting capital more important than big profit, forex trader goal. I must trade with cool blood. All of a sudden you begin to view the market from an objective lens rather than hoping and wishing for it to move in your favor. This allows you to act decisively without the emotional strings that are all too common in this business, forex trader goal.
Thank you for your goal settings articles. I am also setting my trading goal e. Does this sound reasonable? By doing this, you allow the profit to become a byproduct of the process rather than forcing trades to meet a goal. Thank you so much justin. All your saying is so truee. I have been trading forex for 2 years and got nothing but loss money. The goals and the idea of wanting to get quick and easily money is one of many factors that makes me lose more.
I keep learning forex and save my capital until im ready! My pleasure, Hansy. Thanks for the article. Very informative and challenging since most of us focus on the results and not the process! looking forward to forex trader goal next Post! Pleased to hear you enjoyed the article. first of all i thank GOD for your wonderful and generous personalty to share your experienced precious analysis and views to all traders. from the day i have been subscribed your market updated trade setup letters my trading life has been enhanced and i have felt have been blessed in thinking of professional trading life.
MAY GOD BLESS ALL YOUR WORKS AND FULFILL ALL YOUR DREAMS IN LIFE. LORD BLESS. I need to take Trading to the next level. I took the OTA futures class, and now With the Apiary Fund. I am pre-funded now with 1k. Im doing ok, but still take way too many losses. My expectancy is always negative even though I have more winning trades than loosing trades After reading this post, I need to make some changes.
I do this full time, and think I am on the right track, but I need to become profitable on a regular basis asap.
Forex Trading for Beginners
, time: 8:39How to Achieve Your Forex Trading Goals » Learn To Trade The Market
21/08/ · Goals are an important part of achieving success in anything, forex trading included. However, goals can be tricky because people usually set them too high, out of the realm of what’s realistically achievable in an acceptable amount of time. For example, having a goal of ‘becoming a full-time trader’ is not going to do you any good if you don’t Estimated Reading Time: 7 mins Forex goals are: Lower Your Expectations. Pro traders 20% annual profit consider a success. Don’t live from trading right away. Be a part-time trader and then a pro trader. Plan each trade as the main forex goal. Your goal is to observe the market. You need to love trading as a passion. Follow 05/01/ · No matter which type of goal you decide to choose, the goal should help you improve as a trader. The purpose of a goal is not only for you to achieve it; it should breed motivation, learning, and confidence. By setting goals and striving to achieve them, you can accelerate your forex trading development blogger.comted Reading Time: 4 mins
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