What Are Realistic Goals for a Forex Trader ?
Goals are an important part of achieving success in anything, forex trading included. However, goals can be tricky because people usually set them too high, out of the realm of what’s realistically achievable in an acceptable amount of time. For example, having a goal of ‘becoming a full-time trader’ is not going to do you any good if you don’t know HOW to trade properly. Whilst it’s good to have lofty long-term goals, you will not achieve them if you don’t break them down into shorter-term, more realistically achievable goals. Doing this will keep you motivated and focused whilst also keep you progressing toward your longer-term goals.
Where most traders get lost, is in setting the bar too high right out of the gate and then getting discouraged six months or a year later when they have nothing to show for it. This happens because they aren’t being realistic with their goals. Let’s discuss some realistic trading goals you should have so that you can stay focused, motivated and on-track…
Once you’ve done some study and have practiced trading for a while, when you’re comfortable to start increasing risk per trade, whether this means a transition from demo to live, or moving from risking £1 to £100 per trade, your objective is not to make a ‘full time income’, let me explain why…
Most people will be starting with an account under £5,000. To put this in perspective, you’d have to make a 1,000% return on that account per year to make a living. Having a realistic goal would be turning slow and steady gains; hitting ‘singles’ and ‘doubles’ to build up your account. A 50% to 100% return per year would be realistic return if you’re hitting the numbers. The aim is to make profit but not to ‘make a living’ yet, so don’t have the wool pulled over your eyes by thinking you’re going to print money like a job.
The reason why you should not aim to make a living is pretty obvious…you don’t have the money or the skills yet. As I explained above, you can’t make a living on a small account, but you can and should try to build it up. The trading mindset that you need to successfully build up a small account is going to be impossible to achieve and maintain if all you’re thinking about is hitting ‘home run’ trades every time and ‘getting rich’. You will over-trade, over-leverage your account and likely blow it out; which is obviously the opposite of what you want.
binary investment Scams how do the work
So how does it work
You find them either on social media like facebook telegram promising great returns 100% or 1000% over the weekend just invest 100 Dollar with them ok how do you do that will you need surprise surprise BITCION yes thats right you need a bitcoin account and a wallet to send them some bitcoin once you have that you send them say one hundred of your hard earned savings in the hope it works they then send you a link to a bogus web site which they have built and you enter your details passport / driving licence they say its to stop money laundering etc so now they have even more proof for scamming things to sell on apply for credit cards etc
then they send you a link to the broker site here’s one to look at its all fake https://binarysignalsandinvestment.com/ do not register with them all fake .
so when you have opened your account 24/48hrs later you get a message saying we have made you the funds so that looks great and think to yourselves Ferrari new house all the bills paid I am afraid to to tell its not happening its all a dream
all looks great fantastic this were the scam really starts to get you money you need to put another 450 dollars into your account then boom you have just lost 550 dollars and paid with bitcoin so its gone for ever so learn we told you how its done dont fall for it
So let’s be logical if the Banks could do this they bloody well would and all these scammers would work at the bank for sure well some do thats true it’s the greed factor they pull you in with don’t be fooled keep your money away from them and dont fall for it !!!!!!!!!!!!!!!!!