Set realistic goals and objectives for your trading endeavors from "summary" of Profiting With Forex by John Jagerson,S. Wade Hansen
When it comes to trading in the forex market, one of the most important things you can do is to set realistic goals and objectives for yourself. It's easy to get caught up in the excitement of trading and set unrealistic expectations for what you hope to achieve. However, it's crucial to remember that trading is not a get-rich-quick scheme. Setting realistic goals and objectives will help you stay focused and disciplined in your trading endeavors. By having clear goals in mind, you will be able to create a trading plan that outlines your strategy and how you will achieve those goals. This will allow you to make informed decisions and avoid impulsive trading based on emotions or hunches. When setting goals, it's important to be specific and measurable. Instead of saying you want to make a lot of money trading forex, set a specific monetary goal that you can work towards. This will give you something concrete to strive for and help you track your progress along the way. It's also essential to be realistic in your goal-setting. While it's great to aim high, setting unattainable goals will only lead to frustration and disappointment. Instead, set goals that are challenging but achievable based on your trading experience, financial resources, and risk tolerance. In addition to setting goals, it's crucial to establish clear objectives for your trading endeavors. Objectives are specific steps you will take to reach your goals. They should be actionable and time-bound, so you know exactly what you need to do and by when. By setting realistic goals and objectives for your trading endeavors, you will be better equipped to navigate the ups and downs of the forex market. You will have a roadmap to guide your decisions and keep you on track towards achieving your trading goals. So take the time to think carefully about what you want to achieve and how you will get there. Your success in trading forex depends on it.
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