Have you stopped lately and thought back as to why you are trading. Or do you need
to stop and figure out why you want to get into trading in the first place? Is it
to build capital or is it to trade full time to replace your income, or for some extra
income? WHY DO I WANT TO TRADE? The answer to this question will help you maintain
your trading focus.
Once you know why you want to trade then you can set weekly and monthly goals.
This will automatically set you annual goals. It is easy to get caught up in making
winning trades that you forget why you started to trade. This will also help you
chose your trading style.
Maybe your goals include having some free time. Then you might say I will only
trade between two set times and only trade 3-4 days a week. Maybe you want to have
an extra $100,000 when it comes time to retire. Then you need to figure out how many
years you have until retirement then how much you need each year then month then day.
This will keep you focused on what you are trying to accomplish by trading the currency
market.
If you want to make a lot of money, then you need to figure out what a lot of money is.
Your target needs to be specific and measurable. Otherwise you are just spending time
on an expensive hobby. It needs to be broken down into bite size chunks and reviewed
on a regular basis.
If you do not have enough starting capital to reach your goal then you need to change
your goal or earn some more investment capital.
This is just an idea on how to stay focused on the right thing, and that is to
make money.