If you were to divide foreign currency traders into two groups � those who are successful and those who are not so successful � would it be possible to pick out those characteristics which differentiate one group from the other?
It does not really matter what we do in life, which includes foreign exchange trading, but, whatever we do, one thing that will have more affect on our success than anything else we do will be goal setting.
It is a simple and proven fact that the human mind works best when it has a roadmap to follow and, when setting a goal, you begin building your roadmap by defining the destination for your journey. However setting a destination is not sufficient and you will also have to define the route which you are going to follow to get to your destination. Here is an example.
Suppose you decide you want to build a fortune as a foreign exchange trader, who doesn't want to after all! This is not however much help as any goal that you set needs to be measurable, otherwise you will have no way to know whether or not you have reached it. So, at this stage, you have to define precisely what you mean when you talk about a 'fortune'.
Let us assume therefore you set a goal of making $1,000,000 in the next twelve months. You now have a clear destination. The next problem however is that, since you are almost certainly a newcomer to the world of foreign exchange trading, are still coming to grips with the ropes and possibly have limited money to invest at this stage, realizing $1,000,000 in the next twelve months is probably not that realistic a goal.
As well as being measurable, goals also have to be realistic. It does not matter what goal you set yourself in foreign exchange trading, but it has to be within your reach. There is no point in deciding that you intend to win Wimbledon if you have never even picked up a tennis racket.
So, instead of aiming for $1,000,000 let us think about setting a more realistic target of say $120,000. Once we have done this, we then have to split this figure up into marker posts to put onto our roadmap and we can do this by looking at our target on a monthly as opposed to an annual basis. This gives us twelve $10,000 markers. Now, if we keep going along these lines we can then break our goal down further into $2,500 weekly markers.
At this stage we have got something that we are able to examine against our current experience and it is a reasonably easy matter to determine whether or not this figure is attainable. Is it feasible, in the light of your current experience, to make $2,500 trading Forex in the coming week?
Your goals must be measurable and realistic, but they also have to be attainable. It is all very well to set a realistic goal, but you also need to have the right tools, in the right place at the right time if you are going to reach that goal. If you are currently getting $750 a week then you probably won't convert this into $2,500 overnight so, in this instance, your goal is unattainable and you will have to go back to the beginning and start over again.
However, if we assume that $2,500 is attainable, then there is one additional step which needs to be taken before you are ready to head off on your journey. This last step is to paint a picture in your mind's eye of your destination.
Although you have set a goal of making $120,000 in the next twelve months, the money itself is not really what you are aiming for, but it is what you can do with the money that is important. So, having got your $120,000 what do you intend to do with it? If you are planning to purchase yourself a new SUV then paint a picture of driving into the sunset with the roof down and now you will truly have a goal.
If you wish to be successful in foreign exchange trading then you need to set yourself a goal that is measurable, realistic and attainable and paint a picture of your goal in your mind's eye. If you do this you will be amazed at how easy it is to get to your destination.
Author Resource:-
LearningForexTradingOnline.com is the ideal place to learn Forex trading online and provides information on a wide range of topics including the value for the novice trader of Forex mini trading
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