If someone asks you: “What are your trading goals?” you will probably answer: “I want to make more money”. But it sounds like a desire and not a goal. Trading goals are steps you need to accomplish in order to achieve your desire. And successful accomplishment of your trading goals depends on how SMART you will set your goals.


Specific Trading Goals
If your trading goal is not specific, you will neither be able to focus on it nor take specific actions to achieve it as your efforts will become dis-coordinated.

Avoid setting general goals such as “I am going to stick to my trading method“ as this statement doesn't refer to your trading system and its rules, risk parameters, etc. Also you should avoid number oriented goals such as “I want to make 600 pips per month” because you never know what the market will bring. Instead of it set goals such as:

  • I am going to stay in a winning position until my system gives me a signal to exit
  • I will spend 20 minutes each day preparing for my trading day, and 20 minutes reviewing it.
  • I will use proper risk management techniques and not put more than 2% on any trade.
When you set specific goals you direct your efforts in a specific direction. That’s why it is important.

To be continued…
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