A lot of new forex traders have unrealistic expectations when they start trading forex. The goal for every trader in the first year of trading should be not to lose money, which is not case with the new traders. They think they can make 20-30% profits per month which is the percentage of profits what professional traders are making per year.
this summer I plan to make atleast 5% a month with an initial 500 investment! is that reasonable rambo
you gotta think in terms of daily, weekly and monthly goals in pips, not in money profits. It will come later without notice.
I think you shouldn’t have goals, the market will do what the market will do, if it’s not going to give you profit, then there is nothing you can do about it no matter what your goals are.
Nothing wrong with dreaming but if you’re pushing trades because you have ROI to achieve, then it’s a problem.
If you are seeing winning trades eventually closing out as losing ones, then you have unrealistic profit targets.
Hello
I think the first step is to not losing money, then to be at BE, and then you can start to make some profit. It takes time
Master traders make more than 30% a year , it could be achieve in a month.
iT takes time, patience & discipline
I think it is good to have goals, but still it is better to be realistic in your expectation, cause remember as higher your expectation as difficult emotionally will be to loose. Patience and good strategy are best friends of trader;)
All depends of you, and in what stage of trading you are. I hope you’ll make it through the whole year not only this summer.
Yes, right said buddy i am totally agree with you. In the initial everyone looks to earn profit.
Well that can be very fatal at times when you have unrealistic profit expectations in forex trading.
Its all psychology.
Your expectations trigger your lot size and your lot size decides your risk and your risk decide your probabilities of success. So i would say rather have a realistic profit expectation and you will survive long in this market.
Well I can be quite unrealistic in everyday activities… always looking for the optimal results… although I must say, I am proud of myself coz of the way I’m taking my time with Forex… I’m doing things gradually, and with as little expectations as possible… although in the back of my mind there is always the thought of ME giving an INTERVIEW about how I managed go become a millionaire in one year trading forex…hahahahhaha