Setting Goals in Forex Trading and Achieving Them

Goals are quite important as they not only enhance the meaning of life but also give a direction to it. What is the point in leading an existence without having any targets to achieve or goals to attain? Forex trading is no different in this matter because simply indulging in trades without having any targets is neither going to lead you anywhere nor will it benefit you in any way.

Common Goals of Forex Traders

Majority of the traders come into forex trading with some or the other intention in mind. They either are looking to earn a side income and supplement their primary income or maybe they want to quit their boring day jobs altogether and depend entirely on forex trading profits to make a living.

Some folks may have a dream that needs a lot of money to manifest and are looking towards forex trading as a good way to generate a lot of moolah.

Some traders are more ambitious and want to master forex trading and are in it to learn the nitty gritty of how it all works. Others may aim at developing a career out of forex trading by trading for others or managing accounts of companies and so on and so forth.

How to Achieve Your Forex Trading Goals?

Well that is quite easy but it does need a bit of time, effort and a lot of planning too. Let us break down the entire process into different steps and then discuss each step on its own. So the 3 steps of this process are:

1) Have Clarity
2) Create Doable Mini Targets
3) Be Persistent

Having Clarity

It is very necessary to have a very clear and lucid picture of what your goals actually are. Some people keep changing their goals from time to time and this is a sure shot recipe for failure. Not having a clearly defined target can not only demotivate you but also will lead to failure in the long run.

It helps a great deal to actually write down and make a note to your own self about your goals in forex trading. When you write it down you are doing two things. First of all you are creating a solid reminder that you can revisit as and when you want. This helps you to keep track of what you want out of forex trading. Secondly you are also creating an encouragement or motivation for your subconscious. Whenever you read the note, you will feel boosted and this will renew your drive to attain the goals.

Create Doable Mini Targets

If you are wondering what mini targets are, let me explain about them to you in a few words. Mini targets are nothing but smaller section of your main target. So in order to understand this better, let us suppose your main target is to make about a million dollars in profit from forex trading.

You can divide this main target into mini targets by dividing the huge amount into maybe about 50 different mini targets of 20,000 dollars each. What this does is it helps to make a large and seemingly unattainable target become more practically achievable.

When you maintain a record of the mini targets, and keep checking off the ones that you have already attained, then it serves as an ongoing source of motivation to get the remaining mini targets accomplished without going off-track in between. When you see that you have already covered a certain percentage of your goals it boosts your confidence and gives you a sense of achievement as well.

Be Persistent

There are a lot of forex traders who do the previously mentioned 2 steps right, but it is at step 3 that they falter and fall off the trading plan. Forex trading is not a get rich quick scheme; rather it must be looked at and is a long term business model. So a long term business needs long term motivation and drive to keep it going smoothly.

You will need to actually bring your targets into fruition if you want to see results. Simply making a great plan and chalking out mini targets etc. will not help. You must consistently work on getting those targets accomplished too and you need to keep doing this over and over again for as long as you want to keep the business running.

Persistent determination and consistency are the hallmarks of successful people and that holds true for successful forex traders as well.