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  1. #1
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    Default Realism in Forex

    This second principle goes hand in hand with the first. Many beginning traders do set goals, only they're not very realistic. Setting the goal of making $10,000 annual profit with a trading capital of $500 is very enthusiastic, ambitious and optimistic - all very likable qualities - but such mission impossibles are best left to Hollywood. And since failing to reach a goal is very demotivating, there's really no reason to set goals that are ridiculously hard to achieve.

    To make sure you set realistic trading goals, you should answer the following questions for yourself:
    How much money can you invest? Your financial goal is partially based on the amount you have available for trading.
    How much time can you devote to studying? The more time you can spend on expanding your knowledge, the more trading strategies you can explore and master. Learning about different trading strategies and techniques will increase the chance of finding a strategy that really suits you.
    How much time can you devote to trading? Answering this question will help you cross out a number of trading strategies. For instance, If you have a full time job which allows for only about an hour of trading each day, you don't have to bother with intraday trading.

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    Your information has helped me a lot. thank you

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    Quote Originally Posted by Rossa View Post
    This second principle goes hand in hand with the first. Many beginning traders do set goals, only they're not very realistic. Setting the goal of making $10,000 annual profit with a trading capital of $500 is very enthusiastic, ambitious and optimistic - all very likable qualities - but such mission impossibles are best left to Hollywood. And since failing to reach a goal is very demotivating, there's really no reason to set goals that are ridiculously hard to achieve.

    To make sure you set realistic trading goals, you should answer the following questions for yourself:
    • How much money can you invest? Your financial goal is partially based on the amount you have available for trading.
    • How much time can you devote to studying? The more time you can spend on expanding your knowledge, the more trading strategies you can explore and master. Learning about different trading strategies and techniques will increase the chance of finding a strategy that really suits you.
    • How much time can you devote to trading? Answering this question will help you cross out a number of trading strategies. For instance, If you have a full time job which allows for only about an hour of trading each day, you don't have to bother with intraday trading.
    Thanks a lot for sharing this piece of information, I'm really glad I come across this Thread, I guess the same thing My broker freshforex has kept insisting on, Expanding you'r knowledge every day is very valuable.

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