Adsense

Saturday, November 13, 2010

Pressing Towards Your Trading Goals

THE EFFORT TOWARD SUCCESS IS WORTHWHILE

‘’Goals are like blueprints - it takes work to turn them into reality.”

Hello:

The ultimate goal of the trader is to attain financial freedom through trading. Those who’ve attained this level spend very little time trading, yet they make decently consistent profits. Honestly, most (very) successful traders work more outside trading hours than they do during the actual trading. While it’s true that the road to trading success is actually bumpy, many traders have had their dreams fulfilled. You already know that if they did it, then you can also do it. You don’t have to dread the idea of setting large goals (not gambling); if other traders have reached them, you can too. It’s very much possible for you to be a constantly winning trader.

For you to attain your trading goals, you need to love trading (I love trading like I love my Mom). If you don’t love trading, you’d eventually quit. If you have true love for something or somebody, you wouldn’t abandon that thing/person when things are tough and discouraging. That love would keep you going, and there’ll be victory at last and it’ll become a testimony. But if the true love isn’t there any longer, you know what would happen. Real love isn’t measurable when everything is fine; a good-looking boat would have its durability judged only when it faces the fiercest of storm. If you really love trading, in the times when you mess up along the way you’d do your due diligence to fix your trading problems, no matter what it takes. Some people make commitments to do things and they’re really doing it with one foot in it. They don’t know how much they really need to commit themselves and when the going gets tough, they quit. The problem is that they didn’t love what they were doing in the first place. You got to view the market as your ally, not your adversary.

“New traders may wince at the thought of what it really takes to be a successful trader, but the long-term benefits far outweigh the temporary inconvenience.”

The joy of success makes your trading goals and the steps taken to acquire them worthwhile. The bigger the goal, the greater your feeling of accomplishment upon reaching it. It’s easy to get discouraged if you don’t have anything to focus on or look forward to. But when you set and reach your goals, you feel good about yourself. You shouldn’t beat up yourself if you’re not accomplishing your trading goals perfectly or in the time frame you had in mind. Feeling that way won’t help. Just keep trying! Talk to other traders who’ve already reached the goals you’re still pressing towards. Take them as your mentors. They can inspire you and give you practical suggestions that work. You might also want to share your goals with your family, for they could be part of your support team.

As great as trading goals are, you need a definite plan to reach them. Otherwise they’ll always be goals and never achievement. Here are the steps suggested:

  1. Make a list of your trading goals.
  2. Set a reasonable time limit for your goals.
  3. Plan the steps and actions involved in order to systematically reach your goals.
  4. Prepare for daunting challenges.
  5. Think of how you can surmount those challenges.
  6. Be committed to your goal.

Without definite plans and actions, there cannot be progress in one’s life. This is true of other human activities – not trading alone. Five years ago, someone who was an illiterate school leaver called me to teach him how to read and write (production of illiterate and semi-illiterate graduates is one of the direct results of a corrupt educational system). I gave him my terms and conditions, and we started. But after a short period of time, he quit the literacy studies. Five years later, he called me again, telling me how the illiteracy is affecting his profession. He’d tried other teachers, but without results. I was surprised that his poor academic ability still remains where it was five years ago! Had he followed my recommendations then, he’d have had a measure of progress. Meaningful progress requires serious effort.

Why can’t you start right now? You can begin to take action and start moving towards your journey to financial freedom – and this shouldn’t be done with halfhearted hesitancy or doublehearted hypocrisy. If you work hard, you can reach your goals. While you are on the way, don’t forget to review you trading goals often. Be flexible and adaptable, and always harness the power of your imagination. I wish you the best in your journey towards you dreams.

PS: Please watch out for an important article on Friday. I didn’t post any article last Friday because I wasn’t much around online, and therefore it’d be posted this Friday – a backlog of articles indeed!

Please read the quote below:

“My advice to any burgeoning trader is to form [a] plan, define your edge, know your risk parameters in advance and stick to the rules you have created. The trick to trading has never been about just the wins and the losses, nor the ability to only win big and lose small. The true catalyst for success is to adhere to a balanced routine of analysis, recognition and execution, with as much attention diverted from the pending results as possible.” – Sam Evans

Your questions and opinions are highly welcome.

Thank you.

With best regards,

Azeez Mustapha

Forex Signals Strategist, Funds Manager &Coach

Get my Forex trading signals at: http://www.fxinstructor.com/en/analytics/ituglobal

Nice trading tips are available at: www.ituglobalforex.com

And my past articles are also available at: www.ituglobalforex.blogspot.com

Yahoo! Messenger ID: saazalmu

NB: There is risk of loss in trading, but it is possible to be a successful trader.

No comments:

Post a Comment