When you are actively participating in the market you must have gone through the common query where people asked about setting your trading goals. Well if you still do not have any, we request you to take time out of your schedule and go over this piece of writing so that you are fully determined on what you are headed to.
Traditional concept of trading
Most people in the Forex market are only concerned with how much percentage, money, and pips to deal with. Narrowing down your objectives does nothing but put you in a restraint that you can’t possibly get out of or make constant losses that will drive you out of the market in no time. Instead of thinking about big profit, learn how to do the perfect technical and fundamental analysis.
Studying the chart is known as technical analysis which gives you the potential entry and exit point for a trade. And the fundamental analysis will help you to assess the economic performance of a certain country which will eventually help to assess the quality of the trade setup. For instance, if the employment claim data in the U.S falls, it means, U.S currency will do well against most of its major rivals as more jobs are added to their economy.
Taking the steps
The first step is the realization that you have no control over the levels of earning you make out of a market at a given time. No matter how strong your investment and TP levels are you must remain within a line of the budget and set goals accordingly.
The second step is to focus and forecast future goals more than the present because what you do today is the seed that will sow you money in the very near future so you have to make sure you are not making plans that are detrimental to your pocket in the long run.
Wishful thinking will take you almost nowhere because there are external factors that affect the market. You cannot just think that just because the market is performing well I will turn my 100,000 into a million in a span of a week, thus result-based goals are very detrimental and you need to widen your perception.
Becoming a skilled trader
To become a sufficient trader, you must go by the rules of money being a byproduct or a result of your harvest that is a thoughtful investment and concentrate on the procedures. Proper management skills of money are absolutely necessary as it will save us from mishaps such as overtrading and scaling. If necessary use a CFD demo account and learn to trade like an expert in the Mena region.
The goal shouldn’t be to chase as many trades per day as possible but make fruitful decisions that will yield us money without any side complications at the end of the day.
To become a better trader you must also focus on tracking your performances so that it gives you a reality check as to where you stand. Keep 10 minutes to note down all your daily or weekly investments and manage your portfolio and mend any lack in your performance as necessary.
Development and taking care of one’s mental health are absolutely needed when you want to become good at any task at hand especially such like an investment where you have to use a lot of your brain for every step that you make.
Doing things such as reading a book, listening to radios/podcast, spending time with people that are great for your growth and motivate you to succeed in life you are opening up great scopes for yourself mind training helps us to focus better and make great decisions in life.
So do not forget to keep all these in mind next time you want to know how to succeed in the art of trading effortlessly without facing the downsides.