Trading Discussion Setting trading goals

[Ivo Zetticci]

There are many options for trading and making money. Setting trading goals is good for trading in the long run. Don't make unreasonable trades. If you make a profit from trading, it's good. Even if it doesn't make a profit, that's fine. I am also a trader and trade on Eurotrader. The broker also offers micro-account minimum deposits of $50 and more.

 

[btaliat]

It is good to set a target to every trade we want to initiate and make sure we close the position when the deal is done.

 

[moonchild]

I set my trading goals before I start trading, it helps me to stay focus and know the kind of trades I'll enter, I don't set unrealistic goal, everyday I aim to make around $5 dollar to $10 some days I don't make anything, some days I lose too, that is life.

No strategy is perfect but as a trader you need to set goals you can achieve without going overboard, especially as beginners in forex trading, we need to make progress one step at a time, I'll also advise new traders to journal their trades everyday and go through it to understand their trading patterns.

 

[Nite]

Setting trading goals can enhance a trader's profit potential, it can be useful in navigating the markets, and give a sense of achievement everytime a target is hit. A trader's main aim should be towards the right goals, because they make sense in context with the trading plan. Setting only a monetary goal will not be useful, as the market doesn't provide opportunities in a linear fashion, the right goal should be to protect the trading capital.

 

[tetramorium]

Setting trading goals gives direction to a trader. Every time a target is hit, it gives a sense of fulfillment and serves as the best motivation source. A goal is not necessarily about the profit you want to achieve, but it can be about following your trading plan, keeping emotions out of a trade, maintaining a journal, being disciplined or anything else.

 

[Victorial]

You have just hit the nail on the head. No strategy is perfect and that is why forex trading is so hard to teach someone. There is no wrong way or right way to trade. Just know your strategies and how they work for you. I know of someone who likes his candlestick charts to be very rough. I wonder how he reads and understands the market direction. When I asked him to teach me, he said he did not know how to explain it. I will like to know you much better

sI set my trading goals before I start trading, it helps me to stay focus and know the kind of trades I'll enter, I don't set unrealistic goal, everyday I aim to make around $5 dollar to $10 some days I don't make anything, some days I lose too, that is life.

No strategy is perfect but as a trader you need to set goals you can achieve without going overboard, especially as beginners in forex trading, we need to make progress one step at a time, I'll also advise new traders to journal their trades everyday and go through it to understand their trading patterns

 

[Kingstone]

It is best to set your daily and weekly target so that you will know when to go on a break and not risk all your profits. If you want to make money in forex, you have to work with your strategy and see how much you can make with it each day. Trading is not easy and not a get rich scheme as others thought it. Not all days are good so hopefully, your profits will outweigh the losses.

 

[rextee]

Setting goals is one thing and setting achievable goals is another! Learn enough so that you can set proper, achievable goals so that when you achieve them, you get a boost of confidence to do even better the next time.

 

[Zonked]

Goals are really important to give you a right direction. Traders generally have this misconception about goals that a goal can only be about the amount of money you should make. Your trading goals should be about the process and not the results. Results can’t be achieved in a day. Therefore, you should focus on small achievable goals about how you would approach trading.

 

[HeavLeighGill]

I agree that goals are good, it's just important to set realistic goals so that you don't feel like a failure because you didn't meet an impossible expectation. Self-improvement is a good place to start.

 

[Setho]

If you are a lot of people who believe that the forex market is almost impossible to predict and as such there is no way you can be able to know exactly how much money you can be able to make or lose within a particular period of time. In as much as I believe this is true and people should not pressured yourselves in order to overtrade I still believe you should set realistic goals for yourself so that you can know exactly when to stop when you are making too much profit and as such you are not going to be greedy.