Forex Trading : Defining Goals That Work :


In forex trading, the goals are important. Not only do they represent the expectations and aspirations of forex market traders but they also serve as a bridge between reality and an ideal world.

When you set goals, you face reality by recognizing the need to fill your gaps and desire to do better in the future. In other words, you are not going to set yourself the goal of finishing a full marathon if you have already done so. With some effort, you could, on the other hand, improve your performance, progress and be able to set subsequent goals more important.

For example, you can move your stop loss by one or two pipes above the break. This is not much but it could eventually turn out to be really paying and then it will also allow you to stay motivated.
That said, setting goals is not as easy as it sounds. Some traders become so preoccupied with the expected results that they neglect the realistic aspect of their goals. The goals you set should depend on your trading plan, your risk management and your personality.
Another reason why some traders fail to achieve their goals is the lack of concrete follow-up. Indeed, it is not enough to set a goal of weekly profit, every day, and to think that magically you will reach it, it will never happen. Objectives must be accompanied by specific steps to be achieved and be action-oriented not towards wait-and-see.

For beginners of the foreign exchange market, it is wise to focus on objectives that focus on the process and not on the outcome. This helps a lot to strengthen and shape its trading skills.
For more experienced traders the opposite is recommended. When mastering the subject, it is preferable to set outcome-oriented targets. Having a pip target can help to keep in mind everything you need to put in place to reach it.
0