As a trader one must have realistic expectations and undertake accurate appraisal for goal setting and this aspect can not be ignored. Thus if you want to have a successful trading career; it makes sense to start with a realistic, achievable goals and raise the bar as you progress.
Why goals are required as it provides the motivation to keeep going in our task and provide us the energy to be disciplined in life. Goals drive us to take action and are a must if one is to succeed in all walks of life. Absence of well defined goals is like a ship without radar.
How Goal setting to be done?
- Performance goals : Focus on performance goals on a day today basis.
- Financial goals : Focus on financial goals on a monthly basis.
Rider while selecting goals?
As a trader one must make sure that they give more emphasis to performance goals are more important than financial goals. The reason that why performance takes priority over financial gola is that focusing on profitability alone will do more harm than good. If our goal is to make Rs 10000/- a day, trading, it will force us to trade incorrectly. We will lose patience and take mediocre trades anxious to reach the set goals. Once we achieve the daily target, we may hesitate to enter on good setups as we will be afraid to lose already earned profit and miss the daily target.
How to Set Up Financial Goals?
Daily financial goals are counter productive. Do not set daily financial goals; you will be better with weekly or monthly goals. Our aim should be to stick to the plan and focus on the process. Define the trading process well and set goals to achieve consistency. Let the correct process allow you to achieve your financial targets.
If one has a financial disciplined approach; one is sure to become a successful trader in the stock market and if required latch on with some good tips provider like our suubscribers who are benefitting daily with our Jackpot Tip which is helping them achieve their financial dreams.