Whether you are a newbie or an experienced trader, it is always good to set up some goals that will serve as a guideline of what you should do, and once they are achieved, these will be a proof of success. 

Setting precise trading goals can help to enhance one’s profit potential when trading the financial markets, and it is important to make a strategy of how to achieve them.  

Here are highlighted some important goals: 

  • Risk control – A lot of traders end up losing too much money in the beginning because they don’t know how to manage risk. One way to reduce risk and set a risk control goal could be to set aside a percentage of your account balance, 1% or 2% for instance, which will not affect your trading budget too much.  
  • Reviewing how the trades turned out – All traders find it useful to spend some time reviewing how their trades turned out and learn from previous experience. Since this market is very volatile, learning about it never actually finishes. Setting time to look back on why you made certain trading decisions over the past month, how the trades turned out and what you could have done better can be invaluable in evolving a strategy that suits your individual trading personality. Spending some hours reviewing trades on weekly and monthly basis will be a time well spent and result in better trading decisions.  
  • Setting profit goals – Setting realistic profit goals is important for traders who are beginners in this market. If you are realistic about the amount of returns you are expecting, you won’t end up putting too much pressure on yourself for every single trade, and this should help reduce the stress of trading and have a corresponding impact on your results. 
  •  Setting Holistic healthy trading goals – It is important not to neglect other aspects of life which have a huge impact on overall success in trading. Good sleep, exercise, time well-spent with a family and healthy food are crucial for traders who want to be successful.  

In summary, having a disciplined trading process, adapting to changes in the market and identifying mistakes you feel you have made in the past are all steps towards your goal of achieving regular profits.