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Exactly What Goes Into Making A Successful Forex Trader?

By: Donald Saunders

If you were to split foreign currency traders into two groups � the successful and the less than successful � would it be possible to identify those characteristics which separate one group from the other?

It is not really important what we do in life, which includes foreign exchange trading, but, whatever we do, one thing that will have a greater affect on our success than anything else will be goal setting.

It is a simple fact that the human mind is at its best when it has a roadmap to follow and, when setting yourself a goal, you begin the process of building your roadmap by defining the end point of your journey. But setting a destination is not enough and you will also have to define the route which you are going to follow to get to your destination. Here is an example.

Imagine you decide you want to build a fortune as a foreign exchange trader, and who doesn't want to after all! This is not however very helpful as any goal that you set yourself needs to be measurable, otherwise you have no way of knowing whether or not you have reached it. So, at this point, you have to define precisely what you mean by a 'fortune'.

Let us assume therefore you decide to set yourself a goal of making $1,000,000 in the next twelve months. Now you have a clearly defined destination. The next problem is that, as you are probably a newcomer to the world of foreign exchange trading, are still trying to learn the ropes and possibly have only limited capital to invest at this stage, making $1,000,000 in the next twelve months is perhaps an unrealistic goal.

As well as being measurable, any goal also has to be realistic. It does not matter what goal you set yourself in foreign exchange trading, but it must be within your capabilities. There is little point in saying that you intend to win Wimbledon if you have never even swung a tennis racket.

So, instead of aiming for $1,000,000 let us think about setting a far more realistic target of say $120,000. Once we have done this, we then have to split this figure up into marker posts which we can add to our roadmap and this can be done by viewing our target on a monthly instead of a yearly basis. This will give us twelve $10,000 markers. Now, if we continue along these lines we can then break our goal down further into weekly markers of $2,500.

At this point we have something that we are able to examine against our current and recent experience and it is a fairly simple matter to determine whether or not this figure is reachable. Is it possible, against the background of your recent experience, to make $2,500 trading Forex in the coming week?

Goals must be measurable and realistic, but they must also be attainable. It is all very well to set yourself a realistic goal, but you also need to have the right tools, in the right place at the right time if you are going to reach that goal. If you are presently making $750 a week then you are probably not going to convert this into $2,500 overnight so, in this case, your goal is unattainable and you will have to go back to square one and start over again.

But, if $2,500 is feasible, then there is one further step which needs to be taken before you are ready to head off on your journey. That last step is to paint a mental picture of your destination.

Despite the fact that you have set yourself a goal of making $120,000 in the next twelve months, the money by itself is of course not really what you are aiming for, but it is what you can do with the money that is important. So, having got your $120,000 what do you intend to do with it? If you want to buy yourself a new SUV then paint yourself a picture in your mind's eye of driving into the sunset with the roof down and now you really have got a goal.

If you wish to achieve success in foreign exchange trading then you must set yourself a goal that is measurable, realistic and attainable and than paint a picture of your goal in your mind's eye. Do this and you will be surprised at how simple it is to get to your destination.

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