we may well know that the number one rule when setting goals is to make them measurable and specific. By doing so, you give a goal meaning and also stimulate your subconscious mind to begin acting on your behalf.
So instead of writing “I want to lose 10 pounds”, you write “by October 17th at 9 pm EST I will have lost 10 pounds.”
See the difference?
The latter is specific and thus has more meaning while the former’s lack of detail is uninspiring at best.
When it comes to goal setting, specificity breeds results. And when it comes to setting goals for a business, most revolve around making a specific revenue or profit.
But as I’ve said in the past, trading is unlike any other endeavor you will pursue in your lifetime.
As a Forex trader, you should avoid setting goals that focus on making a specific amount (pips or money) by a specified date and time, at least not in the beginning. Doing so is a surefire way to blow your account.
2. Stay on the Defensive
The best offense is a good defense.
For the sports fan out there, this is a statement you’ve no doubt heard countless times. But for the trader, this is a concept that should be practiced every…