Plan your goals and Stick to the plan!

SweetPrincess

Trader
May 9, 2017
117
21
24
39
Once you know what you want from trading, you must systematically define a time frame and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the time frame for the trial and error process that will inevitably be an important part of your learning? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risk/return analysis precludes a profitable outcome.
 

vpsmalaysia

Trader
Jun 28, 2017
5
3
8
29
I would recommend not to rely on forex robots, wonder methods, and other snake oil products.

Surprisingly, these unproven and untested products are extremely popular these days, generating great profits for their sellers, but little in the way of gains for their excited and hopeful buyers. The logical defense against such magical items is in fact easy. If the genius creators of these tools are so smart, let them become millionaires with the benefit of their inventions. If they have no interest in doing as much, you should have no interest in their creations either.
 
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Michelle Yeoh

Trader
Jul 9, 2017
83
7
9
41
I would recommend not to rely on forex robots, wonder methods, and other snake oil products.

Surprisingly, these unproven and untested products are extremely popular these days, generating great profits for their sellers, but little in the way of gains for their excited and hopeful buyers. The logical defense against such magical items is in fact easy. If the genius creators of these tools are so smart, let them become millionaires with the benefit of their inventions. If they have no interest in doing as much, you should have no interest in their creations either.
I agree with your opinion on robot trading! In my early stage of trading, I used so many trading Robots but no consistent result! Basically, new traders don’t know the proper way of trading and scammers are very active on Social Media, so they easily attract the new traders! Here, without own trading skill, success is really impossible.
 

Ary Barroso

Active Trader
Jul 9, 2017
896
58
39
31
Once you know what you want from trading, you must systematically define a time frame and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the time frame for the trial and error process that will inevitably be an important part of your learning? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risk/return analysis precludes a profitable outcome.
Well, I don’t have so called daily, weekly target! But of course, I have a plan! I always try to follow my plan & strategy so honestly.
 

FTS

Newbie
Oct 25, 2018
6
1
2
27
There is an interesting opinion that you should define your target not as amount of money to earn, but as the next progress milestone, to measure your results in the development steps instead of numbers. Such approach seems to be much better in long-term perspective.
 

copper

Newbie
Nov 1, 2018
8
0
2
33
i try to stick to the plan i make. but is something unusual happens then only i change my plans. most of the times i create a strategy before entering any trade.
 

37riched

Trader
Dec 26, 2018
117
21
24
32
Trading discipline is a very important attribute of a successful trader. You have to set your trading goals and be disciplined enought to follow them. Without following your plan, even the best strategy can still fail you. You must put your ego and emotions aside as you trade
 
Once you know what you want from trading, you must systematically define a time frame and a working plan for your trading career. What constitutes failure, what would be defined as success? What is the time frame for the trial and error process that will inevitably be an important part of your learning? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading. Also, having clear goals will make it easier to abandon the endeavor entirely in case that the risk/return analysis precludes a profitable outcome.

If you are a real trader , you know this does not work. If you are a fake trader , you assume something you that you do not understand.
 

Oswald

Trader
Apr 12, 2019
24
3
9
32
I fully agree with SweetPrincess. Serious trader will spend considerable amount of time to establish his trading plan and perfect his strategy. You cannot make success on this market without proper planning. Either you are real or fake trader in Forex market, trading plan would be necessary
 

Ary Barroso

Active Trader
Jul 9, 2017
896
58
39
31
I fully agree with SweetPrincess. Serious trader will spend considerable amount of time to establish his trading plan and perfect his strategy. You cannot make success on this market without proper planning. Either you are real or fake trader in Forex market, trading plan would be necessary
Of course it is! In addition, you may notice pro traders were busy on learning in their early stage of trading; instead of earning! So, new traders have to understand this terminology!
 

Adam Jackson

Trader
Jun 15, 2019
68
1
7
25
Traders will necessitate some proper trading plan which will allow him to carry put whole trading journey in the efficient manner. To be a survivor here, a forex trader must systematically define the appropriate time frame for his trades and a realistic working plan which will facilitate successful trading career. However, too much variability can impose greater risks; a trader should stick with his plan if he knows that it is best for him actually.
 

Deara11

Trader
Apr 12, 2019
42
0
12
33
I would even say do some very small and simple things each day all days long anyway. How does it matter, I do not really know and what is going on behind that also does not make any real sense. Do your goals realistic and not just shoot to the moon;)
 

Onanak

Trader
Feb 5, 2019
41
0
12
42
Certainly Ary, the most important lessons are made in the beginning of learning process. It is very important that new traders spend as much time as possible to learn basics of both trading and this market. Demo account is quite useful for this purpose
 

larry_009

Trader
Jul 9, 2019
30
0
7
34
Trading is all about planning and strategizing. No profits will come your way unless you have a full proof plan ready with you. Before you start to trade, make sure that you carefully decide on what you actually want to trade and what do you want to achieve through that trading. Try and be firm as far as this plan is concerned. Do not waver a lot as that can affect your performance as a trader. Having confidence and sticking to your plans is the key.
 

Ary Barroso

Active Trader
Jul 9, 2017
896
58
39
31
Trading is all about planning and strategizing. No profits will come your way unless you have a full proof plan ready with you. Before you start to trade, make sure that you carefully decide on what you actually want to trade and what do you want to achieve through that trading. Try and be firm as far as this plan is concerned. Do not waver a lot as that can affect your performance as a trader. Having confidence and sticking to your plans is the key.
That’s the point; there is nothing like easy money in Forex! It’s all about trading skill; without having a good trading skill success is completely impossible!
 

hakuna matata

Newbie
Aug 3, 2019
24
6
4
40
You are absolutely right . A trade without a plan is surely going to take you nowhere. I spend a good amount of time making a trading plan for myself . A plan helps me decide when to enter or exit a position. Also ,when i have a plan i remain more disciplined and emotionless as a trader than when i am without it.
 

Newme

Trader
Aug 21, 2019
2
0
6
31
No matte who, if one can make a plan even is not highly professional. He/she can create money from forex if he can stick with that plan. To stick with the plan,is the hardest part for a forex trader.