Action Forex Goals for New Traders
When you set goals for your trading you will be tempted to set monetary goals, and this is the logical thing to do. However, new traders should not actually set goals that only have a monetary objective. When you set goals you should keep certain points in mind to ensure you have goals that will help you achieve what you want from the market.
Goals About Action Forex Not Profits
The first step in setting your goals is ensuring that they all help you keep to your process. New traders generally have a goal that states that they are going to make a certain amount in the first year or double their initial investment. While this is what you want out of the market you need goals to help you get there. The best way to achieve your ends is to have a solid trading plan and strategy. You should also have goals that help you with the plan. Action forex goals are about the actions of trading and keeping to your plan.
Your goals as a new trader should be to stick to your process. If you want more defined goals then you should set a target or ratio for using your process. The ratio could be the number of times you use the plan against the number of times that you divert. Once you have reached the goals related to your process your monetary rewards will come on their own.
If you have problems with certain parts of the market then you need to set specific goals that relate to these areas. Of course, no trader is able to confidently trade and use all parts of the market. However, you need to be proficient enough in all parts to trade successfully. The goals you set for these areas should target what you are weak at. If you are not good at identifying certain chart patterns that you need for your trading strategy then you should set a goal for those patterns only. If you have trouble remembering to set a stop loss then set a goal of your stop losses only.
Keep Your Goals Simple
The most important thing that new traders should keep in mind is that their goals should be simple. In all aspects of trading forex you need to keep things simple. If you have a complicated trading system you increase the number of weak points. Keeping this simple allows you to easily follow the plan and identify the weak points if they cause a problem. The same can be said for your goals. If you have complicated goals that have a number of parts to them you will not reach them. This is not only disheartening, but it can cause insecurities which negatively affect your trading.
You should try and keep your goals to single sentences. They should also be focused on one aspect of your trading. If you are going to have a ratio for your trading system then you simply put what the ratio is. You should not add on extra parts to the goal for mitigating circumstances or for certain times of the week. In forex simple is always better.