Turns out, these are not the best metrics when evaluating your progress. Do not set your goals from a market perspective, set goals based on the factors that you, as a trader, can control. Let us know if you have something to add. Set your ambition based on your knowledge, understanding, skills, and strategy. NOTE: This article is not an investment advice. If you want to stand in the successful ones then you have to know that goals produce measurable metrics. This allows you to base your decisions on what has happened, not on what you want to happen. There are also things that you cannot control, and it is the market itself. 5 Comments. S.M.A.R.T guide – helping you define your goals. “Place a trade only when my trading plan permits to do so” would be a good example of a fundamental process goal. Goal setting can be about so much more, and in trading especially, goal setting is about monitoring and developing new levels of performance. The broker will offer you offers, the scammers will tell you to invest with them and there are many competitions that give prize money of thousands of dollars. Otherwise you will fall victim to irrational trading and your decisions will be dictated by emotions rather than reason. Learn how to do that by reading this article. 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. Dynamic Trader — Members Trading Articles, S&P 500 Recorded Its Best Second-Quarter Performance Since 1938, $3,000 for One Share of Stock Could Make You Rich. The average traders are those that do not have set any goal. 3 Reasons to Diversify Your Trading with ETFs. If it has been more, you are welcome to contact our support team. Another useful goal to have is around the process. Trading is as much about human psychology as it is about skill and knowledge. You’ll see fewer of those. Never try to go beyond your limit. In trading, there are certain things that you can control: the amount of money you invest in each particular deal, entry and exit points, assets you chose to work with. Did you write to our support team in this regard? Limits of control . You will not get distracted because there are many distractions in the industry. What you can not control is what the markets are going to do. In other words, in order to improve your trading skills you should forget about the money and focus on things that can help you improve instead. Other examples of process goals include things like: You are 100% in total control of your trading. If you do this, you’re setting yourself up to trade too often and risk too much. Growth – growing and expanding your business should become a prominent goal as you grow and stabilise as a business. Are you satisfied with your progression as a trader? Whether or not you end up in a loss doesn’t matter – the point is that you trade the right way and focus on the process. Goals are a crucial part of the successful trader’s life. How are you? Process Goals. Do not set your goals from a market perspective, set goals based on the factors that you, as a trader, can control. Please help. Has Incentive(s) Built in: Another question to ask yourself when setting trading goals is “What’s in it for me?” Besides improving as a trader, what incentive do you have for reaching your goals? Doing so is a surefire way to blow your account. (These will all be outlined in your trading plan also). These types of goals help reinforce and shape your trading skills, so that you learn to trade properly. See related: Trading Goals That Have Nothing to Do with Money. As mentioned in the introduction, these types of goals can set unrealistic expectations and spark an emotional burden that causes you to force trades if you have not met the monetary minimum. …How about setting goals for the maximum or minimum amount of trades we can take within a specified period of time? Focus on the process, not the outcome. Set Goals Based On What You CAN Control You are 100% in total control of your trading. For beginner traders, it would be wise to set out on goals that focus on the process, as opposed to the outcome. Goals are set on a number of different levels: First you create your big picture of what you want to do with your life, and what goals you want to achieve. If you set a small goal, you will know where to put your focus. If you like to trade with a long-term strategy and you do not mind waiting, we suggest you set goals that will give you benefits in a long run. 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