| The many thousands of Forex traders can be split into | | | | So, instead of aiming for $1,000,000 let us look at |
| two groups - those who are successful and who | | | | setting a far more realistic target of say $120,000. |
| make a considerable sum of money and those who | | | | Once we have done this, we then need to split this |
| just scrape by. In this article we look at exactly what it | | | | figure up into marker posts to put onto our roadmap |
| is that sets these two groups apart. | | | | and we can do this by viewing our target on a monthly |
| If you were to split foreign currency traders into two | | | | rather than a yearly basis. This will give us twelve |
| groups - the successful and the not so successful - | | | | $10,000 markers. Now, if we continue along these lines |
| could you identify those characteristics which separate | | | | we can then break our goal down further into weekly |
| one group from the other? | | | | markers of $2,500. |
| It is not really important what we do in life, and that | | | | At this point we have something that we can view |
| includes Forex trading, however, no matter what we | | | | against our current experience and it is a fairly easy |
| do, one thing that will have more affect on our | | | | matter to see whether or not this figure is attainable. Is |
| success than anything else will be setting goals. | | | | it feasible, in the light of your recent experience, to |
| It is a simple and proven fact that the human brain is at | | | | make $2,500 trading foreign currencies in the coming |
| its best when it is given a roadmap to follow and, in | | | | week? |
| setting yourself a goal, you start building your roadmap | | | | Your goals must be measurable and realistic, but they |
| by defining the destination for your journey. However | | | | also have to be attainable. It is one thing to set yourself |
| setting a destination is not enough and you will also | | | | a realistic goal, but you must also have the right tools, in |
| need to define the route which you are going to follow | | | | the right place at the right time if you are going to |
| to get to your destination. Let us consider an example. | | | | reach that goal. If you are presently making $750 a |
| Suppose that you make up your mind to build a | | | | week then you are probably not going to convert this |
| fortune as a Forex trader, who doesn't want to after | | | | into $2,500 overnight so, in this instance, your goal is |
| all! This is not however very helpful as any goal that | | | | not attainable and you will need to go back to the |
| you set yourself needs to be measurable, otherwise | | | | beginning and start all over again. |
| you have no way of knowing whether or not you | | | | But, if $2,500 is feasible, then there is just one further |
| have reached it. So, at this stage, you need to define | | | | step which you need to take before you are ready to |
| precisely what you mean when you talk about a | | | | head off on your journey. That final step is to paint a |
| 'fortune'. | | | | mental picture of your destination. |
| Let us say therefore that you decide to set yourself a | | | | Despite the fact that you have set yourself a goal of |
| goal of making $1,000,000 in the next twelve months. | | | | making $120,000 in the next twelve months, the money |
| Now you have a clear destination. The next problem | | | | itself is not really what you are aiming for, but it is what |
| however is that, since you are almost certainly new to | | | | you can do with the money that is important. So, once |
| the world of Forex trading, are still coming to grips with | | | | you have got your $120,000 what are you going to do |
| the ropes and may have only limited capital to invest | | | | with it? If you want to buy yourself a new sportscar |
| at this point, realizing $1,000,000 in the next twelve | | | | then paint yourself a picture in your mind's eye of |
| months is probably an unrealistic goal. | | | | driving off into the sunset with the roof down and then |
| As well as being measurable, goals also have to be | | | | you really have got a goal. |
| realistic. It does not matter what goal you set yourself | | | | If you wish to be successful in Forex trading then you |
| in Forex trading, but it must be within your capabilities. | | | | have to set yourself a goal that is measurable, realistic |
| There is no point in saying that you intend to win | | | | and attainable and than paint a picture of that goal in |
| Wimbledon if you have never even swung a tennis | | | | your mind's eye. If you do this you will be amazed at |
| racket. | | | | just how easy a matter it is to get to your destination. |