A lot of traders end up losing too much in the beginning on trades that did not work out as planned. One way to mitigate risk and set a sturdy risk control goal could be to set aside a percentage of your account balance, 2% for instance, on any one trading idea. This would help to reinforce the approach of playing a good defensive game in the markets – critical to longer term success.
This also means you can pat yourself on the back for sticking to your risk goal even when your trades do not turn a profit.
Another goal could be to ask how much work you are prepared to put in to analysing the markets and finding good trades. For example, watching individual shares that make up the US S&P 500 index. One goal could be to review the charts for each share every month. So 20 trading days in a typical month would give a goal of looking at 25 charts a day at least, in order to hit the monthly goal.
You may only watch a handful of markets – such as the major forex pairs – but you could set yourself a goal of reviewing these markets for half an hour every Monday, Wednesday and Friday to keep you abreast of any opportunities. Doing one's basic groundwork when trading is important, and any time spent scanning the markets can be part of a defined trading goals strategy.
It is important to set realistic profit targets. Remember that even successful hedge funds and fund managers struggle to make more than, say, a couple of per cent a month on a consistent basis. If you are realistic about the sort of returns you are expecting, you won’t end up putting too much pressure on yourself for every single trade, and this should help reduce the stress of trading and have a corresponding impact on your results.
To start trading on our website, you will need to create an account by providing your personal information and completing the registration process.
Once your account is created, you will need to fund it with money before you can start trading. This can typically be done using a credit card, bank transfer, or other payment methods supported by the website.
Once your account is funded, you can start trading by selecting the assets you want to buy or sell, and placing orders through the website's trading platform. It's important to have a good understanding of the markets and trading strategies before placing orders.