The essential key to being a successful trader is learning how to set goals, work with plans, and then of course, achieving your goals. Achieving your goals feels incredible and it gives you an emotional boost and the confidence to set new goals, lay out new plans, and to reach higher successfully. There isn't much predictability in the market, which can make it difficult for some people to know when to stick with a laid out plan to reach their goals or whether their goals can only be met by altering the plan. For those of us who are good at goal setting and planning but poor at flexibility the unpredictable status of the market can be very frustrating.
Methodical and removed approaches to planning your market strategy can be quite beneficial especially when you are trying to achieve a particular goal that isn't happening with your original plan. You aren't investing in your plan. Some of us have to consider planning more of a brainstorm to help keep ourselves detached from the outcome of our plan. We tend to take it personally when we set up a plan and study the markets and understand exactly how we're going to get where we want to go. It can feel like the market has betrayed us when our plan, which "should have worked" fails miserably.
Take a step back when things first start to unfold against the grain and reevaluate the plan. Maybe you saw something there that wasn't. Maybe you saw something there that was there and isn't there anymore. And perhaps you saw something that is there and you just need to be patient. It is not necessary to abandon a plan just because things seem to be a little less productive than expected. In many cases, especially if you picked up on a trade that was on a downward spiral but expected to bounce back, the waiting game can turn out to be profitable. In some cases it won't turn out so well. Your plan and your ability to study the market and a dash of luck will help determine how well it turns out for you.
In order to help keep yourself on track, it is vital that you take the time, regularly to check in on your goals, evaluate and update them, and do so in a way that is specifically tailored to what you want to gain from this experience. The more specific a goal is, the more tailored your actions will be when following up on it. Sure, everyone enters the market with the goal to make money. What kind of money, why, and what do you see yourself doing with it? What are your goals that have nothing to do with money? Do you want to develop enough discipline and a high enough skill level to work half days from your home office within the first five years? Why?
We tend to follow our plans and the roadmap to our goals more vigorously when we know exactly why we are doing something. Profit is nice. Having enough money to be able to spend more time with your family or devote some time to a good cause is a motivating factor that can inspire you to go through the process without specific attachment to any single plan.
When we know why we are trying to accomplish a goal, it is easier to look at a plan and ask ourselves if this plan will really get us where we want to end up faster or will it most likely hold us back? We all have goals. Writing them down in specific and vivid detail helps us uncover the reason we want the goal. These are the two main elements to creating a solid career based on objective decision making and commitment to the final outcome.
Article Source: http://www.articlesbase.com/currency-trading-articles/setting-trading-goals-laying-out-plans-and-achieving-590915.html
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