September 17, 2021

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Setting up your trading goals as a novice trader

3 min read
The beginning is the most challenging stage of doing anything. Suppose we have studied many...
How to Set Up Effective Trading Goals

The beginning is the most challenging stage of doing anything. Suppose we have studied many theories on how to play cricket, and now we think that we are ready to play. But from wearing jerseys to stepping on the ground, questions about our ability may riseto our minds. To complete our lesson about cricket and to be a really good player, we have to play several matches and have to go through injuries and losses, before we can start to win consistently. And yes, we may win without those things sometimes, but that is because of our luck, not our skill.

Forex is not a game. Here, winning chances are far fewer in number than those of losing. So, to be a winner, we need to set goals and follow them.

Do not make goals for the result, but the process

Most beginners make mistakes while setting a goal. They usually aim at numbers. “I have to earn $3000 this month” or “I will make 1% profit first.” As a beginner, if someone sets goals of numbers, he is as good as digging his own grave.

In school, our teachers or parents must have told us, “Study for the joy of learning, not just for the grades.” Why did they ask us to do so? If we learn, we will automatically achieve a high grade. But if we study only to achieve a good result, our knowledge and understanding will not be complete. And incomplete knowledge may come back to bite us in the future.

You should follow the above lesson here in the FX too. Never set goals to earn a profit. Instead, if your goal is about the process, soon, you will learn to trade with ease. Go to the site and learn the basics process of trading. Develop your knowledge as  that will allow you to trade in a better way. Now let’s check some amazing techniques by which we can optimize our goals at trading.

Always trade with a plan

Make sure that you have a plan before starting. The ‘plan’ is the very first requirement to start anything, especially a business. Wait for a second, is Forex is a business? Yes, it’s a business, and this is the only business where you buy and sell the money with the money. So research the market, if it is needed, use the help of indicators, predict the coming market structure, manage the source to compensate the loss, and then create a complete plan to start. Only a planned approach can bring you success.  

Learn when not to trade

If your goal is to earn a profit, your instinct may push you to begin even after having no opportunity to win. However, sometimes not trading is a good decision. The FX market is not always suitable for trading. After analyzing the trend, market structure, and future cycle, you have to decide whether you trade or not. If you feel the market situation does not suit you, stop trading.  

After entering the market, most of the beginners become impatient. They always want to do something in the market. So it will be best if you control yourself. If it is required, go and watch TV but do not make any foolish moves. Relax and wait for the perfect time to start.   

Keep your strategy simple

If you research a lot and create a complex strategy, it will not do any good. Unfortunately, many believe that the more complex the strategy will be, the more the chances of winning will increase. But it is wrong.

Do not over think the various aspects. Be focused on your target, create a straightforward plan and adhere to it. If you need, you can bring a little bit of change. But throwing a plan and making a new one will not help you that much. In the FX market, the most challenging task is to focus on one strategy. So make your strategy as simple as you can. 

To be a good trader from the very beginning, do not make moves without a plan, do not trade when there is no opportunity, and do not make a crazy and complex strategy. Then, hopefully, you will be successful.  

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