Define your Forex goals clearly to enhance results
Without a trading goal, it is very easy to get caught in endless losses. Define your Forex goals well and prepare your account for the rewards you are working towards.
The whole idea of becoming a Forex trader is to make money. Extracting a piece of wealth from the market is our dream, but only those with the sharpest plans succeed. It is, therefore, very important to have long-term goals and visions of your life after a few years of Forex trading.
Think of trading Forex like standing on the edge of a swimming pool: you can see the other side, and you know where to swim to. If you have no goal when trading Forex, it is like swimming in an ocean, you have no direction and will probably end up swimming in circles. Just like opening a trade without a target, a goalless Forex existence can lead to doubt, confusion, and lack of a sense of purpose.
Take your time setting your Forex goals
Give yourself patience and don’t rush the process to try and decipher the market overnight. Develop an understanding of how you can extract money from the Forex market. Check off your trading goals after you have traded well, then create new Forex goals, and expand them to new, achievable heights.
An avoidable trap in Forex trading is scaling lot/position sizes up too quickly. Our main goal is to grow our capital, which means at some point, increasing the stakes. We need to earn the right to trade bigger. We should only reward ourselves with bigger trades when we have followed our plan and not broken any rules.
Bigger trades will come, and, if you are persistent enough, your Forex goals will be achieved, but take your time when rising through the ranks.
Use a vision board when trading Forex
A vision board is a collection of images for inspiration and visualisation of the life you want to achieve by participating in the Forex market. It is a nice way to get creative and prepare your mind for the tasks ahead.
Many beginning Forex traders will put lifestyle wishes and material items on this board. Think of foods, holiday destinations, cars, and anything that sparks joy and can be a reward for positive efforts and gains in the Forex market.
Some Forex goals should be within easy reach and some should scare you, but without them, it is very difficult to maintain direction without any destination.
A vision board can be created in many ways: a physical collection of images and words can be displayed near your workspace, or you could simply create two folders on your computer, a short-term and long-term collection of visions you want to obtain.
The clearer your goals, the better
Be very clear about what you want. Cover all the details and visualise the feeling of achieving your goals. Constantly connecting your thoughts with your Forex goals will help you to manifest them. Manifestation is all about attracting things to our lives, and hopefully one day you will experience the goal in your reality.
Some Forex traders who have seen lots of success have even said that they walk to their local car parks and pretend their dream car is there to fully feel the sensation of having it. Weight lifters visualise the lift in their brain before lifting to activate the belief that they can perform the act. As crazy as it might seem in the beginning, it all comes down to mental practice.
Having vision boards surround you every day can help to remove negative distractions that will hinder your thoughts and self-limiting beliefs. Combine positivity with a healthy lifestyle and taking breaks and you will be in the best frame of mind to win.
Some Forex traders will reinforce the vision board with daily affirmations to make their dreams act as a daily reminder. When our lives become busy with work, we won’t even think about sitting down to close our eyes and dream about goals. Exercising daily affirmations in combination with the visual representations on the vision board will keep your dreams alive.
Forex goals conclusion
You should spend a lot of time at the beginning of your career building a process that allows you to trade with the long-term vision in mind. There is never a goal too lofty; there will always be ways Forex traders can make a fortune.
Always remember to understand where you are at, and trade safely according to your account size at any given moment. Risk low, and earn the right to trade bigger, focusing on the process and building consistency without feeling rushed. Finally, create visuals that will remind you every day of the long-term goals and exactly how you want your dream life to look.