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Do you have a goal for the next six months?

Discussion in 'General Forex Talk' started by Rambo35, Jul 4, 2013.

  1. 7Bulletin

    7Bulletin Private, 1st Class

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    My goal is not the particular amount of money I would like to make. This is never works with me. My goal is to learn and trade the way, that my winning chances constantly increasing, ideally by 20% by the end of 6th month. Also I do not overestimate my capabilities by setting unreal goals.
     
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  2. HollyHopScotch

    HollyHopScotch Recruit

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    Good Goals those.
     
  3. Thoris

    Thoris Private, 1st Class

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    Personally, I dont advocate for indicators, since I like enjoying as I trade. Having stressors as you trade is enough to make you lose even if you are an expertise. However, you must ensure you have a trading plan to guide you so that you remain on track
     
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  4. HollyHopScotch

    HollyHopScotch Recruit

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    support and resistance Is the best indicator
     
  5. G_Man

    G_Man Recruit

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    You know, I have come to realise I'm excellent at entries, and terrible at trade management or higher time frame projections.

    If I just use my day trading and entry skills, I can probably make a lot of money. Time and again I enter amazing trades that run RR 5:1, 10:1 and I expect more.... then it reverses. Now my confidence is shot, despite all the great calls and great entries I have made over time.

    I went to practice account for a week, to build confidence. I made 110% in a week, only risking 2% at a time, 33 trades, 60% wins.

    The next week I went to normal account, if I had stuck to my plans for each trade instead of freaking out due to the above confidence issues, I would have made another 90%. There was one day last week I entered trades that I then shook myself out of, or 2 trades I was watching but didn't take. Would have been 50% in a day. Only ever 2% risk...


    So, my "conservative" goal for the next 6 months is - To be bloody patient, to rebuild my confidence slowly, and only ever take the absolute clearest trades and hold to target or to SL, or to the "get out" scenario I plan in advance. And... to try to make a "conservative" 10% a week instead of constantly expecting the amazing RR I know I can get. Sound stupid I know, but honestly 10% sounds like a small amount to me for some reason! Every day the market offers 5:1, 10:1 several times across many assets for a scalper.

    Maybe on day I can return to that style of trading to try to net the stupid profits, but my mindset is totally broken from the multiples of reward that I "missed out" on due to missing trades or getting just stopped out before big moves. Honestly I can't tell you how hillarious this year has been in just how close I was to making 10x in my account and the psych game just ruined all :D

    thanks for reading, I'll report back in 6 months with my results haha
     
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  6. alexmarian

    alexmarian Private

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    Working consistently and with patience on my new strategy for 1 year is my new goal. 2 months are passed and so far I am sticking to the plan and results have started to come nice.
     
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  7. G_Man

    G_Man Recruit

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    Yes, patience patience patience. The number one skill in markets IMO that is integral to the broader "trading psychology".

    If I practised patience and nothing else, with my experience, I would probably be fine.

    I have it in all my trading rules, I have it on my wall in a big sign, I tell it to myself every day.

    However, internalising patience so that you actually feel patient, that's another thing.


    That is my goal



    ... ironically it's probably the day that one worries less about being patient, that one actually has become patient. So my goal should probably be to look out of my window more ;)
     
  8. HollyHopScotch

    HollyHopScotch Recruit

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    Good luck :)
     
  9. Etedus12

    Etedus12 Corporal

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    It is good to trade with a goal. Actually, a trading plan is also a way to entail your daily trading goals. I personally don't work with setting goals in terms of the exact amount to be earned within some period, but rather the development to be achieved. My goal for the next 6 months is to master a strategy and improve my trading skills more.
     
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  10. HollyHopScotch

    HollyHopScotch Recruit

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    Goals and Plans are not the same thing but I get your point.
     

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