Many new traders in the Forex market always wonder how to make more profits from their trades.
They try to set goals like trying to get a certain number of points per day or per month.
I think it’s better to focus on the process first, rather than the outcome.
One drawback of setting “specific goals” is that it makes you feel discouraged when you can’t achieve them.
Then you tell yourself that you will try harder. You follow every rule of your Forex trading plan, and yet you end up losing money.
You start to focus so much on achieving the “goal” that you lose focus on the actual step-by-step process you follow to make a more consistent profit.
Should this temporary setback prevent you from sticking to your usual eating routine?
no. Especially over a short period of time.
At the end of each trading day, don’t evaluate yourself by calculating how much money you’ve made. Instead, ask yourself:
- Did you follow all my rules?
- “Did I execute every trade my system told me to execute?”
It doesn’t matter that you ended up losing – but now you need to figure out what you did wrong and what you can do better next time.
If you answered “no” to any of these questions, slap yourself in the face. Just kidding. Kind of.
If you don’t follow your rules, you’re setting yourself up for failure.
Define your process by writing your trading plan. If it makes sense and fits your trading personality, you will eventually see profits come on their own.
