Forex trading requires good planning and goals as well. You need to set your own goals for achieving success which can be short term and long term as well. Many experienced traders recommend to set the goals. What do you people think about it?
Your daily goal is too high for me. My daily goal was around 10 - 20 pips. But if iām lucky i will get more than 50 pips a day.
I am not so matured trader, I frequently go through the lessons of Babypips. And I have seen that experts are always suggesting that setting goal is good until it is realistic. Again, forex is a highly uncertain market place. So, traders should not disappoint if they face losses. However, engaging in every day trading is not be very realistic idea I guess. I personally think such calculations donāt work always.
Setting a pip goal is a slippery slope. You are essentially dictating what the markets are going to give you at that point. Goal should be to extract what the market opportunity will let you based on the fundamentals/ sentiment/ volatility of the day.
Example: Say your trading EURUSD. Sometime the daily range will be super low, preventing a 40-50 pip gain for the day based on your strategy. Hope this helps, but wanted to voice my opinion as I used to look at daily pip gainsā¦ I never made any money
this threadās years old
the main learning points from it are that daily goals, and goals measured in numbers of pips, are both terrible approaches that reduce peopleās chances of becoming profitable
I agree with you. too many educators donāt hit this point enough.