Strategy Video: What are Your Trading Goals?
• Without a clear objective for trading, it is difficult to gauge progress and to shape a successful strategy
• A big-picture goal needs to be more than 'become a millionaire' - it needs to be specific, measurable, timely
• We discuss reasonable objectives and how to set a goal for trading that will offer a foundation for strategy
Learn what the common pitfalls for most market participants are and the traits of successful traders.
What are the returns of the world's most reknowned investors, traders and money managers? While there is the odd person or group that can double funds once; over time, 'exceptional' returns usually range between 20 and 30 percent. That is returns from top tier market participants with vast resources and experience. That considered, is it reasonable to set our personal trading goals to more than double our account each year or make 20 percent on account per month? While some will note leverage is a tool that can amplify gains, they can also accelerate losses. Setting realistic goals for our trading can not only better prepare us for success in the markets, it can also help us to determine when and where to work on improvements to our trading plan. We discuss setting a goal in today's Strategy Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.