Raise Your Edge Cash Game Course Review Site Www.Reddit.Com Trading Psychology – 5 Ways Trading Goals Make You A Better Trader

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Trading Psychology – 5 Ways Trading Goals Make You A Better Trader

Goals are an excellent way to become a better trader. Setting goals and working to improve your business through goals is an efficient way to develop a business advantage. Having a goal is a key practice of trading psychology.

Traders: Do you have goals?

Are you one of the few marketers who have goals? Or, are you like most traders and think it’s too much effort to set goals so you just don’t bother?

If you want to be a better marketer, I want to help change your thinking. Although I can’t wave a magic wand and change your attitude, I can explain why having and working towards goals will help set you apart from other traders. Here are five key reasons to have business goals:

5 Ways Objectives Will Help You Become a Better Trader

Trading goals give you direction. I’ve always liked Stephen Covey’s idea that having well-thought-out goals keeps you from tipping the ladder over the wrong building. I see many traders in my practice working hard, but not always on the right things. Goals are the first important step in giving yourself the right road map to follow.

Trading goals focus your attention. Once you are working on constructive things for your business, goals will help you focus. If you are working on a goal to improve your entries, for example, your attention will be focused on making better entries. Goals help you to channel your effort into actions that improve your trading skills and help make you a better trader. Isn’t that reason enough to start thinking about your goals?

Well-constructed trading goals tell you how well you’re doing. Most traders track how much money they’ve made or lost, but this has limited utility and doesn’t say much about your true abilities as a trader. It is only by having a goal as a reference point that you can measure yourself. Not only do goals tell you how well you’re doing, they also tell you what you need to work on. It is only by first knowing where we have failed that we can actually take the necessary steps to improve.

Working on your trading goals puts you in control of the right things. We can never control how the market will trade, what other traders will do, or whether any particular trade will win or lose. But we can control our actions and goals help us in this regard. Let’s use our entry improvement example again. When we work on our entries, we naturally put ourselves in a position to control our actions regarding what kind of entry we look for, when to pull the trigger, and let it pass if it is not set up properly. Goals help us control what can be controlled and let go of things we cannot control.

Trading goals help you develop confidence. More than anything else in this game, working on and progressing towards our goals gives us that elusive confidence that every trader wants and needs. If you really think about it, nothing else in business gets us the confidence we seek as quickly or effectively.

Goals are a vital part of trading. Start working on your goals and you may be surprised how quickly results start to follow.

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