{"id":91050,"date":"2016-06-15T11:03:03","date_gmt":"2016-06-15T15:03:03","guid":{"rendered":"http:\/\/countingpips.com\/?p=91050"},"modified":"2016-06-10T07:03:22","modified_gmt":"2016-06-10T11:03:22","slug":"5-ways-to-set-realistic-trading-goals","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/06\/5-ways-to-set-realistic-trading-goals\/","title":{"rendered":"5 Ways to set realistic trading goals"},"content":{"rendered":"<div id=\"inves-2701412977\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 15, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><b>By Admiral Markets<\/b><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/fxmedia.s3.amazonaws.com\/articles\/shutterstock_325170179edit2.jpg\" \/><\/p>\n<p>Dear Traders,<\/p>\n<p>Here&#8217;s some harsh truth for you &#8211; trading is not easy.<\/p>\n<p>In fact, it was never meant to be easy.<\/p>\n<p>Otherwise, we would all be billionaires and there&#8217;d be no excitement from becoming one.<\/p>\n<p>Traders often ask me what they have to do to get rich quickly.<\/p><div id=\"inves-1894416146\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>The question they should be asking is, what kind of goals they have to set.<\/p>\n<p>Having unrealistic goals will lead to overtrading, overleveraging and possibly <a href=\"https:\/\/vimeo.com\/76125480\" target=\"_blank\">chasing the market<\/a>.<\/p>\n<p>If you are being unrealistic&#8230;<\/p>\n<p>&#8230;you will end up behaving subjectively and irrationally&#8230;<\/p>\n<p>&#8230;and get addicted to placing trade after trade with no good results.<\/p>\n<p>This will have a very negative impact on both your Forex trading account balance and your <a href=\"http:\/\/www.admiralmarkets.com\/analytics\/traders-blog\/trade-smarter-not-harder\" target=\"_blank\">psychology<\/a>.<\/p>\n<p>Very soon, you&#8217;d exit the market never to be seen trading again.<\/p>\n<p>But if you approach the market objectively, you will understand that you are often not in control of bigger developments.<\/p>\n<p>Imagine the Forex market as an unstoppable shark and yourself as a fish.<\/p>\n<p>Don&#8217;t fight the shark &#8211; many before you have already tried it and failed.<\/p>\n<p>Instead of chasing the bigger fish, learn from the mistakes of others.<\/p>\n<p><a href=\"http:\/\/www.admiralmarkets.com\/education\/webinars\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/fxmedia.s3.amazonaws.com\/articles\/Webinars-New1-7.jpg\" alt=\"free live education\" \/><\/a><\/p>\n<h2>Pre-planning<\/h2>\n<p>When setting up your goals, you have to answer some hard questions.<\/p>\n<p>I&#8217;ve compiled a list of five that are the most important.<\/p>\n<h3>1. What are you trying to achieve?<\/h3>\n<p>Do you want to <a href=\"http:\/\/www.admiralmarkets.com\/analytics\/traders-blog\/how-to-build-up-a-small-forex-account\">make money or to make pips<\/a>?<\/p>\n<p>If you had a $50k account, making $1k per week is a realistic goal.<\/p>\n<p>If you had a $5k account, making $1k per week is harder.<\/p>\n<p>It&#8217;s still doable &#8211; but you will be exposing yourself to unnecessary risks.<\/p>\n<p>Do you really want this burden on your shoulders?<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/5r-sseXBwxk\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3>2. Why are you doing it?<\/h3>\n<p>Is it for additional income?<\/p>\n<p>Is it for fun?<\/p>\n<p>Or because you want some thrill in your life?<\/p>\n<p>Forex market is not a place for gamblers.<\/p>\n<p>If you want to rattle your nerves and feel excitement, I would advise against trading Forex.<\/p>\n<p>If you still feel like trying it out, you have to <a href=\"http:\/\/www.admiralmarkets.com\/analytics\/traders-blog\/how-to-defeat-your-inner-gambler\" target=\"_blank\">defeat your inner gambler<\/a> first.<\/p>\n<h3>3. When are you going to trade with real money?<\/h3>\n<p>Before you start spending your own funds, you should practice on a <a href=\"http:\/\/www.admiralmarkets.com\/start-trading\/forex-demo\" target=\"_blank\">demo account<\/a>.<\/p>\n<p>Once you&#8217;ve done that\u2026<\/p>\n<p>&#8230;and you&#8217;re sure trading is your ideal career path\u2026<\/p>\n<p>&#8230;you should consider how it&#8217;s going to impact your personal life.<\/p>\n<p>You&#8217;ll definitely need support from your close family and friends.<\/p>\n<p>Trading will be your new job and you have to be sure that they&#8217;ve got your back.<\/p>\n<p>Approach your career professionally and have money reserves if you want to trade full-time.<\/p>\n<p>If you&#8217;re not trading full-time, Forex trading can be a good source of:<\/p>\n<ol>\n<li>additional income; and<\/li>\n<li>you will have no money pressure when trading.<\/li>\n<\/ol>\n<p><a href=\"http:\/\/www.admiralmarkets.com\/start-trading\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/fxmedia.s3.amazonaws.com\/articles\/Live_Account-AMGeneric-6.jpg\" alt=\"trade forex and cfd\" \/><\/a><\/p>\n<h3>4. How are you going to do it?<\/h3>\n<p>First of all, you need to have a <a href=\"http:\/\/www.admiralmarkets.com\/education\/articles\/forex-strategy\/how-to-find-the-best-forex-trading-system-that-actually-works\" target=\"_blank\">Forex system that works<\/a>.<\/p>\n<p>Remember, you&#8217;re going live here.<\/p>\n<p>If there are any issues with your system, you have to fix it right away.<\/p>\n<p>For full-time trading, you need a proven track record of at least a year.<\/p>\n<p>Realistically speaking, it should be up to three years.<\/p>\n<p>You have to be able to prove that your trading is profitable in the long run.<\/p>\n<p>Things might get boring &#8211; but sometimes boredom is good.<\/p>\n<p>After all, you&#8217;re here to make money, not experiment.<\/p>\n<h3>5. Who is going to be involved and why?<\/h3>\n<p>Are you going to trade alone or in a team?<\/p>\n<p>While having a partner may seem like a good way to improve your chances, it is a double-edged sword.<\/p>\n<p>Every trader has their own logic and approach.<\/p>\n<p>From personal experience, it is harder to trade with somebody else\u2026<\/p>\n<p>&#8230;especially if you plan to trade on your own account.<\/p>\n<p>It is a bit easier when you are trading with a member of your family.<\/p>\n<p>Still, you have to be careful when handling funds in a team.<\/p>\n<p>When you&#8217;re trading alone, at least you know that every win or lose is on you.<\/p>\n<h2>Set SMART goals<\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/fxmedia.s3.amazonaws.com\/articles\/business-idea1024x400.jpg\" \/><\/p>\n<p>Complicated does not equal good.<\/p>\n<p>You don&#8217;t need strategies that are complicated.<\/p>\n<p>You need strategies that are SMART:<\/p>\n<ol>\n<li><em>sound<\/em> \u2013 define your goal and why it is important to you<\/li>\n<li><em>measurable<\/em> \u2013 track your trading record to know how far you&#8217;ve gotten<\/li>\n<li><em>achievable<\/em> \u2013 every win will motivate you to keep going<\/li>\n<li><em>realistic<\/em> \u2013 starting with small, realistic goals will help build your confidence<\/li>\n<li><em>time-tested<\/em> \u2013 everything needs time, so be patient.<\/li>\n<\/ol>\n<p>As a trader, you have to accept the fact that you will have losing trades, losing days and even losing weeks and months.<\/p>\n<p>A good daily goal for you would be to prepare yourself for failure.<\/p>\n<p>Instead of focusing solely on earning a specific amount of money\u2026<\/p>\n<p>&#8230;you need to pay attention to what you <em>can<\/em> control.<\/p>\n<p>Remember that the goal-setting process plays a huge role in setting up your ideal future.<\/p>\n<p>It will help you control where you want to go in life.<\/p>\n<p>By knowing precisely what you want to achieve, you will know where you have to concentrate your efforts.<\/p>\n<p>You will also be able to quickly spot the distractions that keep you from meeting your goals.<\/p>\n<p>When you set realistic trading goals, you make your path to success more clear.<\/p>\n<p>Cheers and safe trading,<\/p>\n<p>Nenad<br \/>\n<b>Article by Admiral Markets<\/b><\/p>\n<p>Source: <a href=\"http:\/\/www.admiralmarkets.com\/analytics\/traders-blog\/5-ways-to-set-realistic-trading-goals\" target=\"_blank\">5 Ways to set realistic trading goals<\/a><\/p>\n<hr style=\"border: 1px dotted #eee;\" \/>\n<p><a href=\"http:\/\/www.admiralmarkets.com\/\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2016\/03\/AdmiralMarkets-sig-1.png\" width=\"141\" height=\"87\" align=\"left\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Admiral Markets Dear Traders, Here&#8217;s some harsh truth for you &#8211; trading is not easy. In fact, it was never meant to be easy. Otherwise, we would all be billionaires and there&#8217;d be no excitement from becoming one. Traders often ask me what they have to do to get rich quickly. The question they [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-91050","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=91050"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91050\/revisions"}],"predecessor-version":[{"id":91158,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/91050\/revisions\/91158"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=91050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=91050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=91050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}