How To Set Trading Goals?

skrimon

Well-known member
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Ambition is a gateway to every successful story. If you are not ambitious, I am sorry to say you will not get your dreams. You have to die for your ambition and make it succeed. But, we gonna do that in trading?

Yes, by following some easy steps. Yes, you heard that right! We are going to follow some easy steps of setting trading goals. Here are the deets--

  • Risk control

A lot of traders end up losing too much at the beginning on trades that did not work out as planned. One way to mitigate risk and set a sturdy risk control goal could be to set aside a percentage of your account balance, 2% for instance, on any one trading idea. This would help to reinforce the approach of playing a good defensive game in the markets – critical to long-term success.

This also means you can pat yourself on the back for sticking to your risk goal even when your trades do not turn a profit.

  • Effort to reward ratio

Another goal could be to ask how much work you are prepared to put into analyzing the markets and finding good trades. For example, watching individual shares that make up the US S&P 500 index. One goal could be to review the charts for each share every month. So 20 trading days in a typical month would give a goal of looking at 25 charts a day at least, in order to hit the monthly goal.

You may only watch a handful of markets – such as the major forex pairs – but you could set yourself a goal of reviewing these markets for half an hour every Monday, Wednesday, and Friday to keep you abreast of any opportunities. Doing one's basic groundwork when trading is important, and any time spent scanning the markets can be part of a defined trading goals strategy.

  • Reviewing how the trades turned out

All traders find it useful to spend some time reviewing how their trades turned out. Even experienced traders will agree that learning about the markets never finishes. Setting time to look back on why you made certain trading decisions over the past month, how the trades turned out and what you could have done better can be invaluable in evolving a strategy that suits your individual trading personality. Committing to spend a couple of hours every month to go over old trades really will be time well spent and could deliver real returns for future trades.

  • Setting profit goals

It is important to set realistic profit targets. Remember that even successful hedge funds and fund managers struggle to make more than, say, a couple of percents a month on a consistent basis. If you are realistic about the sort of returns you are expecting, you won’t end up putting too much pressure on yourself for every single trade, and this should help reduce the stress of trading and have a corresponding impact on your results.

So, that's how things going to work out. But if you know my story, then I have to tell you that I get support from a reliable resource called Pipshunt. And that really makes me awesome.

Best of luck!
 
That featured picture itself shows the method of setting trading goals, “Step by step”. Enjoyed reading the post.
 
The first step in battling the demons of fear and greed is setting your trading goals. By developing a road map of where you want to go, you can begin to temper your reactionary behavior and make it proactive.


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Setting trading goals is very essential, I have seen traders trading recklessly and aimlessly. It’s important for traders, especially beginners to have a trading plan, and accordingly place their bets in the market.
 
I always liked the idea of having risk reward to be 2% as the most when it comes to trading. But thank you for sharing the this.
 
Trading comes differently to every trader and that’s what we need to keep in mind at all times. We must set our goals on the basis of our market understanding and what we want from the market.
 
Set trading goals as per your risk appetite. A trader should always know that by setting him up for a high profit he is also exposing himself to greater risk. Set realistic goals and only expect as much profit as you can bear the loss if something goes wrong.
 
Anyone who is going to start their forex trading career must know that it’s a long term career and it will take time for them to build it. Just keep patience and set goals in accordance with the knowledge you have. Don’t expect to make a million dollar profit if you have just started. Be realistic and choose a good strategy before setting your goals.
 
When you learn forex trading properly, you get an idea of what is possible in the market and what must be avoided. Having some practical market knowledge can help you set your trading goals.
 
When you learn forex trading properly, you get an idea of what is possible in the market and what must be avoided. Having some practical market knowledge can help you set your trading goals.
I agree, a little experience will surely show the path to a trader and he can set realistic goals. And also understand how much they should be willing to risk.
 
Try to be as realistic as you can when it comes to setting trading goals. Never forget that the number of traders making money in the forex market is far less than the number of traders losing money. This is true for a reason.
 
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