Hi All,
As a relative newbie to forex im just wondering what everyones goals are? I am currently making around £150 per week from trading and this is fine for now as I am still learning and picking things up along the way. But say in 6 months time I want to double maybe treble my weekly income from trading and grow my account, Do any of you have any pointers in helping me reach these goals?
Good to know about your success with Forex Trading. To achieve your aim, you should stick with the strategy which works best and keep doing your best.
Its still early days but I feel I have a nice set up for myself at present, obviously I want to aim to make as much money as I possibly can but as they say rome wasn’t built in a day
Keep learning from my mistakes & updating my trading skill; that’s my main consideration.
I think the only way we can naturally improve ourselves in general is from making mistakes and seeing what we done then making sure we don’t do that again. its how we evolve as human beings
Only one that matters - To be profitable
Is that real money or on demo? If real money, ummmmm, wow, that’s fantastic! I would love to just be consistent with my time trading, and then of course having some winning trades.
What’s your system/strategy? Care to share?
Exactly, it is! Even, I am following that procedure; sometime it takes a long time to learn, but I am okay with this conclusion.
That’s real account mate, Im just sticking to 2 or 3 pairs and small profits, you’ll be surprised how quickly $1 here $1 there soon adds up, don’t be tempted to close trades with massive drawdown, I had drawdown yesterday of £150+ I held my nerve and this morning woke up to no drawdown
I think we all learn new things every day from this journey we are embarking on and eventually we will all come out the other end knowing a lot more then we did when we started, I know I know more then I did yesterday today!
generally most of the traders who are particularly newcomers have come into this market place to earn money very rapidly , they try it without learning, but there is no short curt in here. so at last they become loser.
Of course, that’s the momentum that we traders need to follow!
As a newbie I do not agree with that in full I mean, im happy earning £150 a week and building my account slowly as I know a few other newbies also feel the same, I do however agree that we as humans suffer from “Greed” and unless we can control this desire to constantly want more essentially we will end up with less…I hope that makes sense
Forex traders have different trading objectives. And as their trading requirements are not comparable thereby it is general to have diverse goals of trading. As a risk adverse investor, I want smaller to moderate profit from trading on short term perspective.
My first goal is always not to lose money or at least to lose as little money as possible. Beyond that, I aim for a modest profit.
Plan your work and work your plan bro, create a system that is very simple to use and stick to your rules bro.
Ive found that there are a few different types of “traders” already, We have the angry traders who take it out on others when they essentially blow there accounts, Then we have the helpful traders who try to advise you on everything they have done, then there is the quiet traders and these are generally the ones who are making the most money and keeping things close to them.
I may be wrong but this is what it seems like so far lol
couldn’t agree more and that is very good advice thankyou very much
Many newbie traders mostly forcus on profit, that is a great mistake. The first goal is the development - each day a trader should trader better than a day before. As market professionals say, to “be a better version of yourself”. The progress is necessary for each trader, even if such progress is relatively slow. Keep calm, build your trading habits on your most successful trades, analyse your mistakes to avoid them in future. This is how a trader`s path looks like. And those who think about the trading like about the gambling will blow up their accounts. You can read more about goals in trading, but then you need to set you own goals.
One of the best traders of our time proposes the following way: pick up one goal and work on it for a week. Then, check your progress and move to another goal only when previous has been achived. At the same time, such approach requires strategic planning, making that one goal should follow another one.
First, to become a trader that is good enough to make a living out of it. After that has been accomplished I will raise the stakes. I don’t want to limit myself. I have high expectations.
I have been involved in FX for 2 years now, and I’m finally starting to get good. I am married to the game. I’m not going to let anything stop me from reaching my goals.