Setting goals is a key part of being successful at anything that has to do with forex, including forex trading. But it’s not easy to reach them because people tend to set them so high that they can’t be reached in a reasonable amount of time. For example, if your goal is to become an all-time trader, but you don’t know how to trade properly, it won’t do you much good. Even though it’s nice to have big goals for the long term, 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 will 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 goals that are too high and then get frustrated six months or a year later when they haven’t reached them. This is because they are not setting goals for their business that are realistic. Let’s talk about some of the goals you should set that are realistic so you can stay focused, motivated, and on track.
Learn how to trade properly and without any hope.
I know that not all traders are new traders, but this part is useful for people who are just starting to learn how to trade.
The main thing you should want to do with your account is to learn how to make money, not just make money. Learn as much as you can to make sure you don’t lose your money, which can lead to more long-term success.
First of all, it’s clear that this isn’t true for everyone. If you’re 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 an 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’re just starting out as a trader, you shouldn’t use your account to make money, but to learn how to trade. Like any other job, whether it’s business, sports, or something else, you can’t just learn a few things and then be an expert on them the next day.
Don’t think you’ll make money right away.
After you have 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 is not to make a “full-time” living. I’m going to tell you why…
Most people will start with less than $5,000 in their account. To get a better idea of this, to make a decent living you need to earn an average of 1,000% on the account every year. The goal should be to make slow, steady progress and hit singles and doubles to build up your savings. If you’re hitting your numbers, a 50 to 100% return over the course of a year is a good return. The goal is to make money, but not to make a living. Don’t fool yourself into thinking that you’ll “print money” as if you were working.
It’s clear why you shouldn’t try to make money right now: you don’t have the money or the skills. I’ve already said that 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’re thinking about is being able to make regular “homerun” trades and getting rich. It’s likely that you’ll trade too much, increase your leverage, and end up overpricing it, which is the exact opposite of what you want.
Try to become someone who trades occasionally.
As we’ve said before, most people won’t be able to become full-time traders at the start of their careers or won’t be able to do so. So, the best goal is to focus on becoming a part-time trader and making money while still making a living from your regular job. There are many benefits to this, and if you want to learn more, you can read my most recent article about trading on the side.
You can become the best trader you can.
Whether you’re a beginner or a seasoned 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 pay attention to the trading setup, the price action, and the big picture of the chart instead of the 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 will make. This is because the only way to be successful as a trader is to learn how to trade well. You can’t do this if you only care about making money, because you’ll get too emotional.
Think of yourself more as a market watcher than as a trader.
Another goal you should set is to stay away from the market as much as possible and only trade in ways that have a high chance of working out. For your long-term goal, you should stay out of the market when there isn’t much going on and pay more attention to what you don’t invest in. The same as my sniper trading method and my crocodile trading method.
The main point is that most traders lose money because they trade too much and spend too much time in the market. This makes them lose money because they make bad trades. It can also make them feel emotionally stressed and start a bad trading practice 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 you have an advantage. But it’s the only way for a trader to make money over and over again. There are no easy ways out.
You are very interested in trading. It’s something you have to do for the rest of your life.
After 12 years of trading and teaching thousands of students, it’s clear to me 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 traders they can be. Similar to professional tennis players, even though money may be the first thing that drives them, they need to enjoy what they do and be passionate about it if they want to stay in the game for a long time, get good at what they do, and be successful. So, your goal is not just to want to be an investor, but also to be honest about it. You can either get interested in trading or give up on it and move on. I’ll bet you money that you’ll never be successful if you don’t do and live your life for trading (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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