Setting goals is a key part of being successful at anything involving forex, including forex trading. But it’s not easy to reach them because people tend to set them too high for what’s possible in a reasonable amount of time. For example, if your goal is to become a full-time trader but you don’t know how to trade right, it won’t do you much good. It’s good to have big goals for the long term, but you won’t be able to reach them if you don’t break them down into smaller, more realistic goals for the short term. By doing this, you’ll keep moving toward your long-term goals and stay on the right track.
The biggest reason traders lose their way is that they start out with unrealistic goals and then get frustrated six months or a year later when they don’t have much to show for it. This is because they don’t have goals for their business that are realistic. Let’s talk about some realistic goals you need to set so you can stay focused, motivated, and on track.
Learn to trade correctly with no expectations.
Even though I know that not all traders are new, this part applies to those who are just starting to learn how to trade.
Your main goal with your account should be to learn how to make money, not just to make money. Learn as much as you can so you don’t lose your money, which can lead to more and longer-lasting success.
First of all, this is not true for everyone. If you are a beginner trader who is just starting to learn, you shouldn’t expect to make a lot of money or a “living” through trading. The first few years of your time to learn and your quest for education, along with screen time and “school that’s hard on you,” may cause you to break the bank or even make small losses when you’re trading on with a small account.
The lesson here is that if you are just starting out as a trader, you should use your account to learn and practice, not to make money. Like any other job, whether it’s business, sports, or something else, you can’t learn some things and become an expert immediately.
Don’t expect to get paid right away.
After you’ve studied and practiced trading for a few days, you can increase the amount you risk on each trade. This could mean switching from live to demo trading or going from risking $100 per trade to risking only $1. Your goal isn’t to make a “full-time” living. Allow me to explain why…
Most people will start with less than $5,000 in their accounts. To get a better idea of this, you need to know that you need to earn an average of 1,000% a year on the account to make a decent living. The goal should be to make slow, steady progress and hit singles and doubles to make your bank account bigger. If you hit your numbers, a 50 to 100% return over a year is good. The goal is to make money, not live off of it. Don’t fool yourself into thinking that you’ll print money as if you were working.
You’re not trying to make money because it’s clear that you don’t have the money or the skills to do so right now. As I’ve already said, you can’t make money from a small account, but you can and should try to grow it. The trading strategy you should use to build a successful small account will be hard to keep up and reach if all you can think about is being able to make regular “homerun” trades and getting rich. You’ll likely overtrade, increase your leverage, and end up overpricing it, which is the exact opposite of what you want.
Try becoming a part-time trader.
As we’ve already said, most people won’t be able to or won’t be able to become full-time traders at the start of their careers. So, the best goal is to focus on becoming a part-time trader and making money while still making a living from your day-to-day job. There are many benefits to this, and if you want to learn more, you can read my most recent article about part-time trading.
You have the ability to be the best trader possible.
Whether you’re a beginner or an experienced trader, you should set a goal to focus on trading and becoming a successful trader instead of your account balance. This method is better for your subconscious mind because you have to force yourself to focus on the trading setup, the price action, and the big picture of the chart instead of on profits and money, which is what most traders do.
As I said in my article “Focus on trading, not the cash,” a trader should focus on how to trade, not on how much money they can make. This is because the only way to be successful as a trader is to become an expert trader. You can’t do this if you only think about making money because you’ll get too emotional.
Think of yourself more as a market observer than as a trader.
Another goal you should set is to stay away from the market as much as possible and only trade setups that have a high chance of working out. For your long-term goal, you should stay out of the market when it’s not moving and pay more attention to what you don’t invest in. Similar to my sniper trading and crocodile trading methods.
The main idea is that most traders lose money because they trade too much and spend too much time in the market. This causes them to lose money because they are making bad trades. It can also make them feel emotionally stressed and start a snowball effect that you would rather not start. It takes discipline and persistence to stay away from the market most of the time and only trade when your edge is really there. But it’s the only way for a trader to make money consistently. There’s no easy way out.
You enjoy trading. It is something you have to do for the rest of your life.
After 12 years of trading and teaching over a thousand students, it’s clear that people who make money don’t think about money or “profits and benefits” as much as people who don’t make money. People who make money trading are those who like it, are interested in it and want to be the best trader they can be. Like professional tennis players, even though money may be an initial motivator, they need to love what they do and be passionate about it if they want to stay in the game for a long time, be the best at what they do, and be successful. So, your goal is not just to want to become an investor but also to be honest about it. Either you can find a passion for trading or give up and move on. I’ll bet you money that you’ll never be successful at trading if you don’t do it and live your life for it, not just the money.
“If you don't find a way to make money while you sleep, you will work until you die.”
- Warren Buffett
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