Setting realistic goals is essential for progress from "summary" of Mastering Trading Psychology by Mike Baehr,Andrew Aziz
To make progress in trading, it is crucial to set goals that are both achievable and realistic. Setting unrealistic goals can lead to frustration and demotivation, which can ultimately hinder your progress in the long run. By setting realistic goals, you are giving yourself a clear target to work towards, which can help you stay focused and motivated. When setting goals, it is important to be specific and measurable. Vague goals such as "I want to make a lot of money" do not provide a clear direction for your trading efforts. Instead, set specific goals such as "I want to make a 10% return on my investment in the next month." This way, you can track your progress and make adjustment...
Similar Posts
Being a passive investor can lead to better returns
Passive investors, those who simply buy and hold a diversified portfolio of stocks and bonds, tend to outperform active investo...
Surround yourself with positive people
In life, there is great power in the company we keep. The people we surround ourselves with can have a profound impact on our t...
Be proactive in managing your finances to avoid financial struggles
The wise man does not wait for financial struggles to come knocking on his door before taking action. He understands that being...
Stay disciplined with your investment strategy
It's important to remember that the stock market can be a volatile and unpredictable place. It's easy to get caught up in the e...
Invest in lowcost index funds
If you're looking for a straightforward and cost-effective way to invest in the stock market, low-cost index funds could be jus...
Setting aside time for reflection and selfimprovement is essential
One of the key habits that successful individuals have in common is the practice of setting aside time for reflection and self-...
Take calculated risks to grow your wealth
To achieve financial success, one must be willing to take calculated risks. Risks are inherent in any investment opportunity, b...
Stay disciplined in following your investment strategy
One of the most important principles in successful investing is maintaining discipline in adhering to your chosen investment st...
Celebrate your successes, no matter how small
It is crucial to acknowledge and celebrate even the smallest victories we achieve along the way. When we take the time to recog...
Learn from failures
When things go wrong, do not let it discourage you. Instead, see it as an opportunity to learn and grow. Reflect on your failur...
