Why You Should Set Goals In Your Trading

[moonchild]

Planning will help you when the market goes against you, setting goals in your trading and hitting them is one of the best feelings ever, I set goals to hit a certain amount everyday and on most days I close positive and on some days I close negative, but what keeps me going is my plan.

Don't just trade for it's sake, have a goal in mind, let's say you want to be making 10$ everyday, that is the end goal for example, now you have to map out strategies on how you can get there, like for example.

Sticking to a certain time frame
Trading only one pair
Limiting number of trades

This is the plan and you can use the plan to achieve the goal, but without plans you will sometimes wake up unmotivated to do anything or just take trades without any purpose or end goal behind them.

You can learn to set goals by writing them down, after writing your goals, go ahead and make a realistic plan you can follow to achieve that, this is very important, don't make goals that are unreachable you'll end up frustrating yourself.

If you have ideas on goal setting you can share with us.

 

[Suba]

Setting goals in trading is very necessary, but money is not the end goal, because the ultimate goal of trading is to be able to master the process of the whole trade. Many traders make goals based on numbers (money). Day trader wants to make 1% profit per day, from $2000 capital. Even though this goal seems simple, traders must perfect market knowledge, increase discipline, traders must also know the abilities and trading goals that they use. So a trader must have knowledge about the market and about himself. I think it's better not to set numbers (money) as a goal but to put more emphasis on the process and the results (profit) will follow.

 

[Sotherefore]

I have seen so many professional traders that are only dealing with trading of gold and they focused and dedicated all their time into studying of the gold markets to make sure they understand it perfectly when to enter and when to exit the market
In as much as I do not trade the gold Pairs I still believe that if you are only sticking to one forex pair then you might be losing out because there are a lot of profit potential to be made in other pairs at the same time. I don't know but I believe it also depends on the strategy you are using that determines the possibility of you making money in the forex market.
A lot of people may be using a general strategy that is mostly applicable to all currency pairs.
One of my main point of discipline is that I try as much as possible take a maximum of two trade in a day.

 

[Shaf]

It's not easy to set goals for trading and stick to it. The temptation is always there to hold a trade longer than necessary, whether you are in profits or loss. You will feel like you can milk more profits if you are gaining, or that the market would change direction in your favor if you are loosing.

One way to help you stick to goals is to start small. The more money you trade with, the less emotional attachment you tend to have to that trade which is not good.

It can also help to have someone who is rational, preferably someone you respect who will monitor the trade with you and convince you to take the necessary decisions. You can trade with a group of people too to achieve this.

I also find that goals that are written are easier to achieve and stick to, probably because you've put every thought down on paper and your brain is less clustered.

 

[TOZZIBLINKZ]

Business is whether established in large-scale or small-scale are expected to have goals and objectives in the trading aspects and in the marketing aspects of their business. Business goals in which is so proprietor or a business manager can possibly have towards his or her business future include the goal or objective of future expansion, the goal of inventory expansion, or possibly the goal of employed capital based labour possibly sometime in the future. Majority of business owners have been running businesses for years some have even gone more than 10 years but yet they are businesses have not even improve even a bit. Many business managers in such situation usually have goals and objectives in which they owe to their business but due to the possibility of not being able to display practical actions and steps towards achieving these goals they have been left astray.

Setting bigger goals can only be achieved if you start by achieving smaller goals. For example if you have the big goal of expanding your business, you can start little by little by ensuring to sell and render the right quality goods and services to customers and clients and to making sure that your customer service is 100% effective and efficient. Achieving little goals like this can help you expand the business little by little.

 

[Kamala Hooper]

Setting goals and making plans to achieve them is always beneficial in any aspect of life, not just trading. However, when a trader establishes his or her trading goals, he or she can develop better trading plans and strategies to carry them out and succeed.

 

[Olimpia Morgan]

Setting goals that are achievable and realistic is crucial; otherwise, it would be a waste of money and time. A trader has to make an action plan and stick to that plan to achieve those goals.

 

[Monadism]

Having a plan when you enter the market is essential and quite helpful. It brings you closer to the end goal as time passes on. However, not everyone can have the best experience as it depends on mindset and approach towards the market sentiment. It is best to have a budget, risk plan and solid strategy to earn a small amount of profit then expand. Setting an end goal is all about working towards it without allowing any distractions.

 

[rubesh]

Setting trading goals may be a useful strategy for achieving success. Goals give direction, attention, and drive, all of which are required for effective trading. Goals may help you stay disciplined, take sensible risks, and keep your eyes on the long term.

Setting defined, quantifiable, attainable, reasonable, and time-bound goals might help you remain on track and move toward your trading goals. A well-defined goal with a timetable might give you with the incentive you need to be consistent and disciplined in your trading selections.


Goals can also help you stay focused on the broader picture. Setting objectives allows you to stay focused on the target and avoid being sidetracked by short-term market swings. Goals can also be beneficial.

 

[BinarySumo]

Setting goals in forex trading is important because it helps traders to stay focused and motivated. It gives them a clear direction and helps them to stay disciplined. When traders have specific goals in mind, it becomes easier for them to make informed decisions and stick to their trading plan. This can ultimately lead to better results and increased success in the forex market.

 

[Satanology]

Trading is a business. One needs a good trading plan to achieve their goals. When traders set goals for themselves, they are more realistic - which improves their profitability in the market.

 

[Dita Walczak]

The future is supposed to rely on Cryptocurrencies and it’s a good source of investment. Electronic money has become good investment and traders found it as a trendy option of gaining profit through investing. On Forex market, traders are trading cryptocurrencies with an eye to building up a capital. Eurotrader offers all metals and cryptocurrencies to traders to trade in.