Is this for the US?
My trading goals for 2023:
Earning via trading and earning via sharing my trades.
My goal as a forex trader is always the same - to keep being a good trader by studying the market daily and use my professional understanding about how this market works to make good trades.
I do have my weekly profit targets that I meet most of the weeks, but it’s important not to get too infatuated with that. The focus still has to be on being a good trader as otherwise you can become too greedy and stop doing the actions that brought you success initially.
Last month (December) was the first time when my trading income on my personal account exceeded my monthly living expenses. I was very happy about this milestone being achieved and I didn’t even notice that until I did my calculations just one day before the NY eve.
The focus for 2023 is scaling. I’m planning to collect $1M in funding from prop firms and currently undergoing challenges with them.
To all the traders in here - wish you all the best and have an inspiring 2023.
Oh wow, thought it was so much more. But I’m thinking that’s like opening a tiny FX account, too small to open several trades right?
Currently, It is depends on broker which you choose. There are brokers for US citizens and brokers for other countries.
Some possible trading goals for 2023 could include:
- Achieving a certain rate of return on your investments.
- Generating a steady stream of income through dividends or other means.
- Building a diversified portfolio of stocks, bonds, and other securities.
- Investing in companies or sectors that align with your personal values or interests.
- Setting a specific financial target like buying a house, car, etc.
It’s important to have a clear and realistic trading goal and make a plan to achieve it. It’s also important to regularly review and adjust the plan as needed based on changes in your personal circumstances or market conditions. It is recommended to consult a financial advisor to help you with that.
It depends on what type of trading you will choose. For example $2000 for day-trading should be enough.
Im adding to my list.
- Consistently trade every week. I don’t think I was taking the actual trading serious enough and would trade when the schedule was open rather than scheduling then trading time like an appt.
- Look at the markets on Sunday to plan for the week. Keep the econ calendar in mind
- Passing at least 3 prop firm challenges. I am already on my way to passing one with fundednext, and I hope to win more and have at least 3 accounts worth 500K.
- Reducing the maximum drawdown limits to less than 10% on a monthly basis.
- ROI of at least 5% on a monthly basis.
- Constant raincheck on impulses
My trading goal is to maintain the consistency and check market trends often.
- Watch the econ calendar at the start of the week and map out high impact news. I’m using the calendar here.
build a trading journal
That’s a great plan. Do you have a template or outline already?
i am really interested in your topic, and i was wondering that what are some strategies you use to manage stress and stay motivated during long trading hours?
i would be happy to hear you guys
well for one, I don’t trade long hours. I think that helps. Also, my live account, the money I have there I could absolutely lose and be okay with it. I don’t need it. That helps my brain and mental state. I treat that money like if I was paying for a course or class. It’s for learning.
And then with big losses, I just try to remember you can’t win them all. Losses are part of the game. Sounds simple, but when you don’t try to be perfect, having a losing trade is easier to handle.
How about you?
I was really impressed by the idea you mentioned about viewing spending on learning as an investment. As someone who can get easily stressed out, I appreciate your advice and plan to take it to heart. Thank you for sharing your insights.
Just so you know, I’m not depending on trading as my main source of income, so it’s not as stressful for me. And I started with a low capital to play it safe. Plus, I talked to a bunch of people before jumping in, so I felt pretty confident about it, but not totally. :)))
That’s the best way. Some traders can deal with the stress, but man, I think noobs who are just learning and are depending on their earnings are just aiming to fail from the start. It’s already stressful when you start. No need to add making money to pay the bills to the equation.
In 2023, my trading goal is to cultivate a long-term investment mindset. I want to move away from short-term speculation and focus more on identifying solid companies with strong fundamentals and growth potential. By adopting a patient and disciplined approach, I aim to build a robust investment portfolio that can withstand market fluctuations. Additionally, I plan to expand my knowledge of different trading strategies and explore new opportunities in emerging markets. What are your trading goals for the new year? I’d love to hear your perspective!
- Being profitable for 8 consecutive months (4/8 check)
- re-organize all my knowledge, in forex, about mindset, and other things. even basics. (Not too much success with this one, but I’ll try to finish it before 2024.)
Tell me about where you are right now and how successful you have been in achieving your goals!
Not so great given the post in Dec. I’ve started reading the Al Brooks Price action series a couple of times and then for some reason or another I get distracted into something new related to Forex. Like I got a bunch of books on Ichimoku Clouds that I’m actually reading. Maybe it’s just a timing thing with Al Brooks. I really just need more discipline. I think that’s really what it boils down to.