WHAT SHOULD BE YOUR GOAL AS A NEW FOREX TRADER
Goals are important to set to become successful. Even in Forex trading, traders should have specific goals that can help them to measure their performance. But setting goals are not easy in Forex, especially when you are a new trader. The first mistake every new trader make is they make unrealistic goals. And when they fail to achieve those goals, they lose hope from trading. Most of them think they can get rich overnight. Some people quit their job without proper planning. They don’t plan for the long term nor they think of every possibility. This article will give you some guidelines on how you should set your Forex goals.
Forex trading needs time
To become a successful trader, you need to invest your time. Your goal should not be “get rich quick”. Your aim should be slow, consistent and solid progression. You should always remember that sudden big wins do not give you exact results. Sometimes, you may win big because of some market movement but that can be your luck.
Don’t quit your job right away!
Many new traders fall for this trap. They quit their previous job to make a living out of trading. Accept it, as a new trader, you won’t have that skill and ability to generate profit with every trade. No matter how much you read books and increase your knowledge about forex, you won’t understand the market at once. The horrible result can be over-trading, over-leveraging and ultimately blowing your account.
It is always advised to choose to trade as your secondary income source. Become a part-time trader and start earning small profits in the day-to-day.
Focus on the process:
As a new trader, you should always focus on your trading, not how much you’re earning. When you are at your learning period, you need to understand the market. It’s right that you may not win the first trades but that must not stop you from trading. If you think about money and stop trading, you won’t be able to see the bigger picture.
If you survive that period, you’ll realize how much trading skills you have gained. This can help you to win big trades in the future. You can make trading decisions by yourself then.
Know the market:
The most important goal of a new trader should be knowing the market. Forex trading can be affected just by a small tweet! No matter if it’s a political statement or bank holiday, every event counts in this market. New traders often take trades without analyzing the whole market which can create problems. If you know the market, you’ll get to know when should you enter and when to not.
As a new trader, you can set many goals. But you must remember to set goals that are realistic to achieve. If you realize that your actions are driven by your unrealistic ideas, correct them, and put yourself back on the right track. Be honest to yourself and aim to stay in the game for a long time to master in trading.
