Investorideas.com - Realistic Goals Every Trader Should Set
February 19, 2020 (Investorideas.com Newswire) Many Forex traders feel as if they are floating in the world. They work hard, yet they don't seem to achieve anything worthwhile. The main reason that they feel this way is that they haven't spent the time to set goals in their lives. Before you set out on a journey, you must have an idea of your destination. The same applies to Forex trading. To succeed as a trader, you must set goals.
But the biggest problem with many traders is that they set goals too high, expecting more than what they can realistically achieve over time. When setting goals, you must at least break them into long-term and short-term goals. Setting achievable short-term goals will keep you motivated and focused as you progress towards achieving long-term goals. Where most Forex traders get lost by setting the bar too high and then getting discouraged six months down the line. Do you want to succeed in Forex trading? Let's see some realistic trading goals that you can set to keep you focused and motivated.
Trade without Expectations
This first point applies to newbies. The primary goal you should have as a newbie trader is to learn the trading craft. Your focus should be to learn how to trade and not to make money right away. Many newbie traders start trading, expecting to make a killing in their first trade. They become frustrated when they don't meet their expectations.
If you are a new trader, please don't have sky-high expectations. The first few months should be about learning how to trade effectively. If possible, register for a demo account, read books and attend forex trading conferences. The experience you gain over time will enable you to break even or even make profits. Just like with other careers, you can't expect to learn and become a professional overnight. It takes time.
Don't Dive into Full-time Trading Right-Away
The biggest mistake many forex traders make is to quit their careers to become full-time traders without taking time to gain experience. Reading books, watching videos, and attending conferences don't make you an expert trader. Most of the professional traders have been in the market for more than five years. Have you ever heard of the 10,000-hour rule? According to this rule, you must practice for at least 10,000 hours before you become an expert at anything. It means, therefore, that you need to trade for at least two years to become a professional trader.
So, it would be wise to focus on becoming a part-time trader in the mean-time. It's possible to engage in Forex trading while still maintaining your office job. The Forex market operates day and night throughout the year. It's upon you to find the best time of the day to trade. Being a part-time trader allows you to learn the ropes of Forex trading while still maintaining your day job.
Learn to Observe Market More than You Trade
One of the best attributes of professional traders is that they know when to enter and exit the Forex market. To become a successful forex trader, you must learn to stay out of the Forex market as much as you can and only trade when there are high chances of making a profit. Read about the crocodile and sniper trading approaches to get an idea of the best time to enter the forex market.
Many Forex traders lose their money because of over-trading. When you over-stay in the market, there are chances of entering into bad trades, which in turn makes a trader emotional. As a result, the trader starts experiencing the snowball effect of entering into bad trades. It takes patience and discipline to watch the market from the sidelines and only enter the market when there is a chance of making a profit.
Focus on Becoming the Best
Both beginners and seasoned traders should focus on becoming the best version of themselves. Focus on learning the ropes of Forex trading and not the money. The money will come when you are at the top of your game.
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