Planning for Profitability - Forex Trading

January 10, 2017

It's the start of another year! 2016 was a great year for me and I am excited to see what this year will bring.

 

Each new year, I set a number of goals (or new year's resolutions). In the past, these goals have helped me to become a better trader, father, husband, and person in general. This year is no different. I already have my trading and non-trading goals written down and my plan of action of how I am going to achieve those goals.

 

For some of you, your new year's resolution may be to finally "crack" the Forex market, become a profitable trader or something similar. To help you on your journey, I have written this blog post and uploaded a short interview-style trading video that offers my advice on how to become profitable and how to achieve trading goals and make trading visions become a reality!

 

 

Before I was a Forex trader, I was an accountant (one of those really fun guy's that everyone finds interesting). During my career as an accountant I saw a lot of businesses fail and a lot of businesses succeed. Generally, the key difference between those that were still trading after 18 months and those that weren't was that those that were successful had business goals and a clear plan (a business plan) on how they were going to achieve those goals. The expression 'if you don't plan, you plan to fail' comes to mind. It is a business/life/trading principle that I live by. It you are struggling to make money trading Forex or other financial markets, perhaps my suggestions below will help...

 

#1 - Have a vision

 

Having a clear vision for your future and where you want to be short-term and long-term is vital in the trading industry. Why? Because vision gives you motivation and determination. Without these, you will give-up after the first few days of being beaten by the market. I have had trading days, weeks and even months that have resulted in losses. I have also missed exceptional opportunities and made numerous mistakes. Trading is a very exciting and rewarding career but it can also bring discouragement from hell. It is emotionally challenging and extremely difficult to master. If you don't have the determination to get-up after every slap in the face then you will not succeed. Vision can fuel you with determination.

 

What is your vision? Is it a lifestyle? Is it earning a specific amount each year? Do you have a trading vision?

 

Even though many Forex traders have vision, many still don't make it as profitable traders. Vision is just 1 of my 3 suggested steps. Vision is just the beginning!

 

 

#2 - Set Appropriate Goals

 

Once you have a trading vision, you need to set trading goals that will help you make your vision a reality. Goals should be specific and be written down. If your vision is to become a full-time trader, then appropriate goals may be 'to earn x amount per year trading Forex' or 'to make a minimal x amount return every month'.

 

Do you have trading goals for this year?

 

#3 - Create a Plan to achieve your Goals

 

This is the important step. How are you going to achieve your goals? This step is often the most neglected step as it requires thought, time and often money. Planning and pursuing goals is how goals are achieved. Below are some ideas that may help you create worthwhile plans that will help you achieve your trading goals...

 

 

Learn from those who are already successful

 

To learn anything effectively, you need to learn from someone who already knows how. If you wish to become a successful trader, learn from someone who is already successful in trading. This is not a Samuel Morton sales-pitch. I am only 1 of many successful traders and you don't necessarily have to purchase anything to learn from someone. Find a successful trader and learn from them. This can be done by reading their blog posts, watching their YouTube videos, purchasing publications, taking their trading courses, being taught by them and by other means.

 

If you already follow and actively learn from a successful trader, then learn from more successful traders or consider purchasing their services. 

 

Create a Trading Plan

 

Many traders have a goal to become profitable in their trading but don't actually have a trading strategy or detailed trading plan. I have met so many traders that fall into this category. If you don't have a trading plan then get one - you won't become successful without one!

 

Follow your Trading Plan

 

Some traders have a trading plan but don't stick to it. This is usually due to the emotional and psychological aspect of trading, caused by a lack of confidence. If you struggle with this, try the following...

 

- Listen to my Forex Trader's Mind-set eBook (free on YouTube)

- Watch my free Beating Trading Discouragement webinar

- Gain more confidence in the strategy by trading it on demo and seeing the results

- Gain more confidence in the strategy by back-testing further and collecting more positive data

 

Conclusion

 

Make this year the year of Forex profitability. Get yourself organised and commit to a plan of action that will lead you to your vision of successful trading.

 

I wish you all the best in your trading

 

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