Plan your goals and Stick to the plan!

[Credcy]

It’s important to set realistic goals and I think beginners should focus on self-improvement based goals and should aim to simply make more than their losing as a first goal. It isn’t a good idea to enter the market telling yourself that you’re going to make x amount of profit in so many days, because you might be setting an unreachable goal and you’ll feel like you’ve failed when you don’t reach it. Instead, focus on small victories and your profits will increase as you work on fixing your problems and expanding your knowledge and experience as a trader.

Highly agreed!

 

[kathleenaustin]

Structuring your goals is very important. One ought to understand and apply risk management properly and study about currencies and economies.

 

[JoshEvansFX]

Took me years to learn this - but finally in the right place.

 

[sharabela]

Having a solid plan with trading career is very necessary. We must not set an unrealistic plan or be too ambitious with Forex trading. We rather go slowly but steadily. Forex trading does need time for the traders to be successful.

 

[Jungletrader]

You gotta have a realistic plan .
Journal your trades stick to your strategy and when you've made your weekly/monthly targets get out avoid overtrading

 

[rickfx]

I would recommend not to rely on forex robots, wonder methods, and other snake oil products.

Thank you.
I could never understand how some people were falling for those scams.
Look... imaging I find a trading strategy which will consistently make my 2% a day... Do you think I'd be selling it to everybody for $49.99?

 

[no_frame]

Before trading on forex, the first step is quite important, which is to set a realistic goals that you think can be achieved in trading. Don't just jump into market trading to make some profit, without knowing what is your plan as well as your back-up plan for your trading.

 

[tomass]

Before setting your goals, you have to determine what is achievable and what is not. This can be done only if you have learnt well and have a basic knowledge of the financial market. Once through your education part, set your goals and plan your moves accordingly. But make sure that you don’t rush anything.

 

[e_abrams]

Thank you.
I could never understand how some people were falling for those scams.
Look... imaging I find a trading strategy which will consistently make my 2% a day... Do you think I'd be selling it to everybody for $49.99?

Don't big institutional traders use robots a lot? That said, I doubt small retail traders have access to those kind of robots.

 

[Dora_WalletInvestor]

Took me years to learn this - but finally in the right place.

That's good to hear! It can take a long time but it's very rewarding when you figure out what works for you.

 

[e_abrams]

I confess sticking to the plan has not always been my strong suit, and that only caused me trouble. I think I am more disciplined these days though.

 

[Resolve]

I confess sticking to the plan has not always been my strong suit, and that only caused me trouble. I think I am more disciplined these days though.

We will have to understand that if we are making use of a Reliable trading plan then the income we can get from our trades will also get increased.

 

[e_abrams]

I am aware of that, but one can understand something rationally and still make impulsive decisions. It's human nature.

 

[Resolve]

I am aware of that, but one can understand something rationally and still make impulsive decisions. It's human nature.

We tend to make the mistakes and it will happen but we must try to make sure that we are able to minimize them.

 

[Fried_Rice]

Plan your trade, trade your plan.

 

[Resolve]

Plan your trade, trade your plan.

I always make sure that i am doing my trades as per my Trading Plan.

 

[Marco877]

i try to stick to the plan i make. but is something unusual happens then only i change my plans. most of the times i create a strategy before entering any trade.

It means you are flexible in your trading and I appreciate flexibility because a strategy won’t give you profit all the time. So, you have to rectify your strategic mistakes.

 

[Marco877]

I would recommend not to rely on forex robots, wonder methods, and other snake oil products.

Surprisingly, these unproven and untested products are extremely popular these days, generating great profits for their sellers, but little in the way of gains for their excited and hopeful buyers. The logical defense against such magical items is in fact easy. If the genius creators of these tools are so smart, let them become millionaires with the benefit of their inventions. If they have no interest in doing as much, you should have no interest in their creations either.

I agree with you in this regard that robot trading is really risky for traders. Even I am the worst victim to robot trading. On my account, I applied several free EAs that mostly resulted in big loss.

 

[Marco877]

i try to stick to the plan i make. but is something unusual happens then only i change my plans. most of the times i create a strategy before entering any trade.

Sticking to one plan isn’t always possible because the market offers different situations over time. In this case, we need to change our directions and strategies.

 

[AlexOZ]

I agree with many others that consistency with a well-thought through trading plan with personal and financial objectives, routines, and methods is essential. Risk management and psychology are the two 'biggies'. I remember a sales trainer saying that people are driven by fear and greed. We need to resist those powerful emotions. It is worth looking a Monte Carlo simulation to understand that losses are a natural part of the game.