What is your goal in trading?

[tomorton]

Becoming profitable as a trader can lead to financial security and independence from employers - no more work.

Even if you have a strategy which is profitable but actually not spectacularly good you will become financially independent as long as you put enough years into it and you have an income in those years so you can just grow your trading capital.

For example, suppose you live in the UK and you can only start trading with £1,000. That isn't much money here - the median annual income is £29,900 - so half of the population earn less than that income and half earn more.

Let's suppose you can only find 20 trades a month. And you only risk 1% per trade, while your risk:reward is only 1:1.5. The win rate of your not very good strategy is only 55%. Maybe all this doesn't sound much but remember you are going to do this every year and you won't be making any withdrawals. Its fun on a quiet afternoon to calculate how much your income is going to be in Year 10.

 

[Farm Yard Forex]

True that! It’s about sustaining. Some can do it in a million, and for others, money can never be enough.

My point is some can do it with a lot less. I think most people can live on £10,000 a month. If you can get to a point where that is light work for you then you can live the rest of your life and likely never achieve millionaire status. It all depends with how you use that money as well. Something like 70% of lottery winners end up broke af within a few years as they splurge and don't look to invest the winnings.

 

[progix]

Becoming a profitable trader!

We can become a profitable plus consistent profitable trader but that all requires spending time learning the skills required in forex trading.

 

[xmonyx]

We can become a profitable plus consistent profitable trader but that all requires spending time learning the skills required in forex trading.

true! im learning everyday! but its so hard! 🥺😂

 

[taylorarnold]

The goal is to make money and get out of the vicious cycle of going to work early and coming home late at night.

 

[progix]

true! im learning everyday! but its so hard! 🥺😂

Good luck with your learning and i am sure this will soon leads to your earning goal as well. Stay focused and disciplined too.

 

[xmonyx]

Good luck with your learning and i am sure this will soon leads to your earning goal as well. Stay focused and disciplined too.

thnx a lot!

 

[LucifarFx]

my goal is very common like others to be a professional trader in Forex. but i never like to skip any learning session . because i do believe there is no short cut way of learning and earning from there.

 

[Gracy2]

Not to lose money and work on self-improvement like patience and discipline. Those things seem to improve trading profits.

I believe the same,working on myself with sustainable returns for trading.

 

[Gracy2]

Financial Freedom

My goal in trading is financial freedom too as it helps in better learning of trading.

 

[AriaS]

Financial freedom and using my brain to the fulest. I come from an artistic background, so I had a real hunger for engaging the left side of my brain

 

[Chart_Hopper]

Whether it be via trading entirely or partially my goal is financial freedom therefore freedom of time.

 

[Gracy2]

My goal is to learn and become an expert.

 

[mattrich]

My goal is simple, to increase my pension pot so that I can retire and have something better than what I would have had if I had left it with Aviva. I have spent the last 6 years looking after my own SIPP and adding an Self invested ISA alongside it in the event of a rainy day when I get older. I have had to gain "deep market understanding" and what I know now compared to 2015 probably makes me boring amongst friends but I am well ahead of what Aviva predicted, and that was before Covid. There predictions may be lower now.

Since I posted this several years ago I have had modest success, I have increased the size of the pot which is a major plus but I have had the pot bigger and lost some of the gains which is frustrating. I have tried to make a comparison to the old Aviva policy but apart from factoring the costs it is quite hard to compare. A few musings I will post:

Creating a plan was hard work, like most plans when it went live it needed tinkering and only by losing money can you see why the plan goes wrong. It was hard to keep adding to my SIPP every month after I had took a hit but I have continued to do so and intend to keep adding to this for another 20 years when I contemplate drawdown.

Sometimes you have to accept with the best plan in the world you will lose money, there are so many events that are out of your control, not just things like war, terrorism, and economic events, that sends something like the bond markets into a frenzy which then affects all the other markets and trying to get out of a position is impossible, and I have to take a hit.

Research is time consuming and sometimes expensive, unless you take a gambling approach there are costs involved and you have to put a price on your time. There is plenty of information out there but it is often out of date and incomplete so you have to be prepared to pay for information.

Conclusion: I think there are professionals out there who would have achieved a better return then I have and with FCA regulations around costs tightening up some of the fund managers offer good value for money. I have increased the pot but that doesn’t make me better than the professionals, in the same way you could build yourself a house but you would be better off using a builder.

 

[Zerologic]

I just want to learn how to manage funds in high-risk investments such as forex trading. Indeed there are goals of money, but considering that forex risks cannot be ruled out, I always adhere to this principle of spending money that afford to lose.