FOREX TRADING – GOAL SETTING & PLANNING FOR PROFITABILITY 2017. You are convinced that you have great chances of earning through Forex, even to make a living from the markets, but a potential trader must set reasonable goals in forex profit. If you want to become a professional trader, you must come up with a trading plan to reach your forex goals.
With a good plan, a trader can successfully manage his trades and take profit systematically. Keep in mind that in Forex trading there are no strict rules and that everything is possible. So, you have to make your set of rules to stick to, in order to gain profit by the end of 2017. What you think and do will deeply reflect on your success or failure. Set your mind on goals you want to attain! Be aware of what it takes to achieve them – build a powerful mindset and get to work!
How to achieve realistic goals in forex trading and not to get lost on the way?
How to avoid negative impact on your Forex trading account? You have to approach the Forex market objectively and to be aware that you‘ll frequently not be able to control serious developments. Instead of chasing the sharks, learn from the mistakes of other fish! Before learning how to set goals in Forex, you‘ll have to answer some important questions, such as:
- What goals are you trying to achieve?
- Why are you doing it?
- How are you going to do it?
Here are some simple steps to follow in order to set realistic goals, and thus develop a smart and simple strategy:
– try to answer the question why is a particular goal important for you;
– Your goal has to be measurable – keep track of your trading record;
– Every success will motivate you to keep up the good work;
– Realistic goals will reflect on your confidence;
– Keep in mind that all things take time and that the results will not be visible at once.
– give your goal a meaning and make your mind act on your behalf!
As a future trader, you have to be aware that not all days, weeks and even months will be successful. You‘ll deal with losses and failures, and you have to be well prepared. Instead of focusing on earning profit, concentrate on the issues that you can control. By doing so, you‘ll make your path to success more clear. Don‘t focus on the profit – focus on the process of making money! If you direct your efforts properly, the profit will come naturally. But you have to play it smart – do all the necessary technical analyses and learn to be patient! Start with the most favorable trade setup.
Why do Forex traders need a trading plan?
The answer is simple: to strategize and organize their business and avoid risks and losing money. If you don‘t want to encounter excessive leverage, losses, maladjustment to changing market conditions, negative emotions, negative outcomes, you have to find out which Forex trading plan gives best results.
You may ask yourself: should I try and create my own forex trading plan? The answer is YES! Every trader is different, and everyone should create his own trading plan according to his personal objectives, trading style, and psychological character.
It‘s not only important to ask: how do I create a forex plan, but also how to make your plan successful and how to implement your strategy! We suggest some basic steps to take, before you approach the Forex market live and become an active participant!
- You should commit yourself to studying and getting all the possible knowledge from the strategy books or professional courses. Be an observer – read, think, use charts to find examples! Get prepared for the Forex market!
- Filter the information, pick the strategy that suits your lifestyle, and make a detailed trading plan based on the provided trading plans. A trading plan will define your position size, it will estimate the risks and limitations and possible correlations.
- Before trading live with the real money you should practice implementing your trading plan with the demo account practice without being pressured, until you know all the bits and pieces of your own strategy. The demo trading is unprofitable and it enables you to improve all the weaknesses of the strategy. Make all the necessary adjustments without losses and damage. Practice the discipline – it will be of utmost importance for your general success on the Forex market!
- The next step to take is to adjust the plan to make it profitable. Take advantage of 2 months demo trading, and revise your plan. If you follow the plan that is not getting profitable – get back to the previous step. If it‘s profitable after 2 months period, start Forex trading live!
- If everything goes according to the plan, start with live trade. If you didn‘t stick to the plan, but it turns out to be profitable – remain in demo trading mode. You have to make sure that the positive results remain positive in the long run.
After you have read this article, you should have a better idea how to set realistic goals and create a profitable plan; how to structure it and what to do with it. There is not a real trade without a proper plan, and positive trading habits like patience and discipline will earn you money in the long run!
If you want to be good at this business, you have to deal with specific things, one step at a time; to improve your entries, targets, stop-loss, and your impulses. Although it takes time, a dedicated practice of a few months will bring you only the best results. Follow the process and enjoy the improvement. Realize on time how to solve problems, diminish risks and stop losses. Only a structured and methodical practice can bring success in performance.
The most important part, after you have set and planned your strategy for 2017, is to take action! You want to get the positive results and make profit – take action! The new year has started and it‘s the perfect time to begin with something good and finish it successfully!