You might have state-of-the-art tools, a great strategy, and all mumbo jumbos. But add a trading goal to it. It makes you an even better trader. It is because you’re making a commitment and so you’re bound to make an effort to achieve it. Ergo, had you not created a trading goal, better create one now. And this newsletter will enlist 3 easy ways to hit your mark.
#1 Craft a plan
Before you say any further, it’s not what you think. It’s not a trading plan. Instead, it’s a plan to achieve your goals. Say you’re planning to make $10K in 3 months for a family vacation trip to Hawaii. Then you got to create a short-term goal of making $3.5k every month. And you have to plan whether you’re going to make it 40 pips a scalp or three positional trades of 1 lot with 130 pips as the target. Well, this can narrow down your trading plan to a great extent and keep you focused and disciplined.
#2 Make a conscious effort to follow through
The problematic aspect of trading for most traders is walking through the plan and it is going to be no different with you. The market tempts you with mouthwatering opportunities and you might succumb to one or the other. Say your plan is to make three positional trades for a month, but you’re finding some easy scalp picks. Will you sit on the sidelines? You’re obviously going to throw the plan to the sink and the rest is history. So, you have to make an effort not to deviate from your path.
#3 Review your progress
If you’re following your plan without deviation, then you’re doing good—Pat on your back. However, you ought to review it periodically.
1. Am I near to my goal?
2. How did I come this far?
Asking these questions can lay an easy road to the rest of your journey. On the flip side, mistakes can help you course correct.