We all live for a purpose, that’s why you wake up every morning with something in mind to achieve for the day, either short term or long term. The fact remains that you want to succeed in something, and as a forex trader, the same must apply to you.

The first thing forex traders do is setting up goals that they want to achieve. However, few of these traders end up achieving these goals. Therefore, we come to the question, how do you achieve your Forex trading goals?

Steps to Put in Place

Make decisions on trading

As a trader, you need to decide if you are going to work full time or part time. Another thing to decide on is whether you want to be a trader who goes round the world to trade Forex or just stick at one place and conduct your trade from there.

It is important to make decisions like these because they will affect the general outcome, for example, being a home based trader will save you on your travel costs as compared to when you’d have been a world traveler trader.

Have the best Forex broker

As a trader, before making any Forex Exchange, identify a reliable and trustworthy broker that you will be transacting with. A broker is like a business colleague to you, therefore your success will highly depend on the broker’s intelligence to involve you in profitable deals.

Here is a comprehensive analysis of some of the best brokers in the market: https://www.forextradingbig.com/category/brokers/

Risk Management

A trader who ventures into the Forex Market without putting into consideration how to counter risks is just leading himself into the slaughter house. Every trader wants to make a profit and believe me they will seize every slight of opportunity when they see it. Surely you don’t want to be the victim that gets sacrificed.

So if you are a wise trader, you’ll not put all your capital into currency trading as a single investment. This is one way of managing risks because you will not incur a total loss, in case there is any.

From Goals into Sub-goals

Let’s face it: You can’t eat a hamburger with just a single bite, unless, maybe, you are in an eating competition; you will bite at it in manageable pieces that fit into the mouth. That’s the same way a Forex trader should work. A single goal should be broken into ‘chewable pieces’ that a trader can work with.

This mostly applies to long term goals. Such goals can take up to months or years to realize them, it is necessary therefore to work with something that you can achieve daily, weekly or monthly, which will therefore reflect in the end of your long term goal.

I’ll be referring to you as a wise trader, therefore at the end of the day/week you should tick or cross the sub-goals that you have achieved and those you haven’t respectively. Why do this? You being able to achieve these sub-goals go a long way to boost your morale and motivate you to work even harder to achieve your overall goal.

Also, it is a realistic way of achieving these goals because they cannot be achieved overnight, unless you are a miracle worker. Let’s look at it this way, for example, you want to be supremely successful in Online Forex, ask yourself this simple question, did you start walking from day one or it took you quite some time before you were able to coordinate your limbs well? I think this way you will put goals and sub-goals in your mind that won’t frustrate you when you do not reach them.

As a trader also, you have to keep records. These are important indicators for evaluation and comparison to see if you are on the right track to achieving your goals, or, if you need to pull up your socks.

Trade in More Than One Market

Think of Online Forex as an enclosed place with only one entrance. You’ve entered and then there is a fire outbreak; no emergency exits, thousands of people headed for the same way out. What happens? This is exactly what happens if you are not careful with the decisions you make.

If you trade in just one Forex market, you are pre-exposing yourself to risks that you could easily do away with. This is because Forex markets are dynamic; they can change at any time and you will incur lots of loses. Why; just because you put all your eggs in one basket. Spread your investments in a number of Forex markets, just in case.

Currency Pairs to Trade In

There are three posts that are open for elections; president, governor and senator, and you are a probable contender. Which post would you go for? I am not trying to overthrow Obama but if it were me, I’d be looking forward to replacing him. In the same way, a trader should go for the best currency pairs to trade in.

There are three categories of currency pairs.

• Majors
• Crosses
• Exotics

The majors are the major Forex currency pairs. These currencies are paired with the U.S dollar and these are what the Forex trader should get involved with in Online Currency Trading because it is faster to make profits with majors than with the exotics. The exotics are more volatile and you cannot count on them the way you would with the majors.

Summary

Success cometh not on a silver platter, so does the saying goes. A journey starts with a single step, so goes another. As a trader, there are various strategies you can put in place for you to succeed in Forex trading; have clear goals, make wise decisions, diversify your market, and many more. So there you have it, wise trader.