How to Achieve Long-Term Forex Trading Goals
Every trader has the long-term forex trading goals of making a good profit in the markets. Most traders want to trade “Full Time” and Quit their jobs and Financially Free. These are excellent goals to have as a trader, yet as you probably know, few traders achieve them.
Long-term goals are that people in every profession strive to achieve. However, again, if you look around you will find that the people who reach their long-term goals are in the minority.
How to Achieve Forex Trading Goals? This Blog will help you with this by giving you a way that you can use to achieve your trading goals, rather than just talking about how ‘big goals are’. We all know it is good to have big goals and to try and achieve them, but along the way, maximum people get lost, or they get busy doing other things.
The main reason that most people don’t achieve the long-term goals is that they don’t make a good trading plan of action for how to achieve them. Now, let’s discuss on how to achieve long-term Forex trading goal.
Step 1: Decide exactly what you want from trading
Do you want to be a full-time home-based trader?
Do you just want to supplement the monthly income from your job?
Do you want to be mobile and trade and live anywhere in the world?
Do you want to try and manage the other people’s money or maybe trade for a prop firm?
You have first got to be clear on what your ultimate trading objective is. Just be sure you are clear on what it is and that you have defined it. Now let’s get into the details of how to achieve the long-term trading goal.
Step 2: Break up your trading goal into ‘parts.’
Here is the big ‘secret’ to achieving goals in any field: divide the goal up into parts.
Divide up your long-term goal into ‘bite-sized’ parts that you can realistically accomplish in about one month’s time. We want you to view your overall trading goal regarding mini-goals that you aim to achieve each month. If you complete your mini-goals each month, you should check them off as “accomplished”, and this will fuel natural optimism and build confidence in the ability to eventually achieve your primary trading goal.
Most of the traders become so focused on their long-term goal of becoming a pro-trader or building their trading account as fast as possible, that they put little to no effort into the figuring out how to make it happen realistically. Most traders get all excited in the beginning, and then they become distracted, lose patience, and do all the wrong things to achieve their goals.
Think on how to achieve your trading goal in a step-by-step way; don’t aim to be a professional trader right away, that’s a good long-term goal, but don’t make it primary focus right now. Focus on Specific steps you need to take to become a professional trader first, and if you accomplish those steps, you will eventually achieve your goal. Divide these steps up into short-term goals that you will focus on achieving month by month. A skyscraper is not built in a month. It’s built floor by floor, one layer at a time until the big building is finished.
Here’s what one month’s Small goals might look like:
- Aim to make say six trades per month, not more than that, and this Small-goal will help you to not over-trade, which is one of the main reasons most traders lose money over the long-run.
- Risk the same amount of money per trade; you can increase the risk amount as you build account after say 6 months or so.
- Never risk more than you are ready to lose on any one trade.
- Look for a risk-reward ratio of 1:2 or better on every trade.
- Only take price action trading setups that meet the guidelines in your trading plan
- Record every trade you take in your trading journal.
Step 3: Accomplish your Trading Goal
You need to really think about the trading process and think about what we want to tell you in this blog.