If you were to split Forex traders into two groups � those who are successful and those who are less than successful � could you pick out the characteristics which separate one group from the other? It is not really important what we do in life, which includes foreign exchange trading, however, whatever we do, one thing that will have a greater affect on our success than anything else will be goal setting. It is a simple and proven fact that the human mind is at its best when it is given a roadmap to follow and, by setting a goal, you begin building your roadmap by defining the destination for your journey. But fixing a destination is not enough and you will also need to define the route to follow to get to your destination. Let us consider an example. Imagine you decide you want to build a fortune as a foreign exchange trader, who doesn't after all! This is not however very helpful as any goal that you set needs to be measurable, otherwise you have no way of knowing whether you have reached it. So, at this stage, you need to be clear about precisely what you mean by a 'fortune'. Let us say therefore you decide to 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 probably a newcomer to the world of foreign exchange trading, are still learning the ropes and may have limited money to invest at this point, making $1,000,000 in the next twelve months is possibly not that realistic a goal. As well as being measurable, any goal also has to be realistic. It is immaterial what goal you set yourself in foreign exchange trading, but it must be within your capabilities. There is little point in saying that you intend to win Wimbledon if you have never even held a tennis racket. So, instead of aiming for $1,000,000 let us think about setting a more realistic target of say $120,000. Having done this, we next need to split this figure up into marker posts to put onto our roadmap and we can do this by viewing our target on a monthly as opposed to a yearly basis. This gives us twelve $10,000 markers. However, if we continue along these lines we can next break our goal down further into weekly markers of $2,500. Now we have got something that we are able to examine against our current and recent experience and it is a fairly simple matter to see whether or not this figure is attainable. Is it possible, against the background of your recent experience, to make $2,500 trading foreign currencies in the coming week? Goals have to be measurable and realistic, but they also have to be attainable. It is one thing to set a realistic goal, but you must also have the right tools, in the right place at the right time to reach that goal. If you are currently making $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 need to go back to the beginning and start over again. However, if $2,500 is feasible, then there is just one further step that you need to take before you are ready to head off on your journey. Your last step is to paint a picture in your mind's eye of your destination. Despite the fact that you have set a target of making $120,000 in the next twelve months, the money by itself is of course not really what you are aiming for, but it is what you can do with the money that is important. So, once you have got your $120,000 what are you going to do with it? If you plan to buy yourself a new sportscar then paint a picture in your mind's eye of driving off into the sunset with the roof down and now you really have got a goal. If you want to achieve success in foreign exchange trading then you must set yourself a goal that is measurable, realistic and attainable and paint a picture of your goal in your mind's eye. Do this and you will be surprised at just how simple it is to get to your destination.
Please Rate this Article 5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
