Setting goals in FOREX trading is very important to trading success. Because goals are the motivation for traders to be committed and dedicated to trading. It also helps traders measure their own progress.
Goals in FOREX trading can be divided into 2 main types as follows:
* **Financial goals** refers to the goal of earning profits from investing in FOREX. Financial goals can be divided into 2 sub-categories as follows.
* **Short-term goals** For example, making a profit of 10% of the investment within 1 month.
* **Long-term goals** such as making a profit of 50% of the investment within 1 year.
* **Other goals** means other goals In addition to earning profits from investing in FOREX, such as reducing trading risks. Improving trading skills Finding knowledge about the FOREX market
Setting goals in FOREX trading should consider the following important principles.
* **Be specific** Goals should clearly state details such as how much profit do you want to make? Within how much time?
* **Measurable** Goals should be measurable, such as setting a profit target as a percentage of the investment. or set a profit target in an amount
* **Achievable** Goals should be challenging but achievable.
* **Reasonable** Targets should be consistent with the reality of the situation. For example, traders with small capital should not set profit targets that are too high.
* **Set a clear time period** The goal should be a clear time period, such as wanting to make a profit of 10% within 1 month.
Example of setting goals in FOREX trading
* **Financial goals**
* Make a profit of 5% of your investment within 1 month.
* Make a profit of 100% of your investment within 1 year.
* **Other goals**
* Reduce trading risk to 1%
* Improve your trading skills to be able to analyze the market more accurately.
* Find out more about the FOREX market.
Setting goals in FOREX trading will help traders succeed in trading. The trader should set clear goals. consistent with the reality situation and set a clear time period To help traders measure their progress. and be committed to trading to achieve the goals you set
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