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Creating Goals in Forex Trading

In forex trading, having clear goals is crucial for measuring success and developing our trading business. These goals should be measurable, rational, and can be broken down into several levels, such as daily, weekly, monthly, and yearly.

Here are some things to consider when creating goals in forex trading:

  1. Rationality of Goals: The goals we set should be rational and aligned with our abilities. Avoid setting overly ambitious or unrealistic targets, such as aiming for a 100% profit in a month. Instead, set targets that can be achieved with our trading skills and experience.
  2. Percentage Perspective: It's advisable to set profit targets in the form of percentages (%) of our margin or trading capital. For example, setting a profit target of 10% of the margin in one month. This helps in estimating realistic and achievable targets.
  3. System Evaluation: The goals we have set serve as benchmarks for evaluating our trading system. By achieving or not achieving the targets, we can assess weaknesses in the trading system and make necessary updates or improvements.
  4. Consider Psychology: The size of profit targets should also take into account the psychological effects of trading. Avoid setting targets that are too high, causing excessive psychological pressure. This can disrupt concentration and decision-making during trading.
  5. Clear Objectives: Consider what you want to achieve in forex trading. Is it to seek additional income, achieve financial freedom, or just as a hobby? Having clear objectives will serve as strong motivation and a brake to avoid overtrading or impulsive decisions.

By having clear and rational goals in forex trading, we can set realistic expectations, develop effective trading systems, and maintain psychological balance in facing trading risks. Hopefully, this overview will be helpful in assisting traders in planning and achieving their trading goals.

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