You have a financial goal but you are not so sure how to achieve it? In CFD there is no actual formula ensuring that you can achieve all the goals that you have. However, what you can do is to make your plans into action. As much as possible, review your past achievements as you set new trading goals. If you are still unsure where to start, check out some facts below.
Looking Back On Your Past Achievements
First of all, you have to look back on the achievements that you made from the previous year. If you have a journal, this will be very easy for you. If you are yet to start writing a trading journal, this should give you a reason to start writing one. Trading journals are powerful tools that you can use for self-analysis of your previous moves in the market. In your journal, you can write your most successful strategies, deals, and valuable information that you have learned and do not want to be forgotten.
Grab your journal and check out your trading activities for the previous year and answer these questions;
- What are the things that I didn’t manage to do?
- What are the things that I have successfully done?
- What are the economic events that have played a role in my success/failure?
- How did the economic event influence the progress of my trading?
- What do I want to change about the activities in the past year?
After answering these questions, you will have a solid idea of what really happened the previous year and get to know your strongest and weakest points.
Set New Trading Goals
Now that you have a clear idea of your strongest and weakest points, it is time to have some repairs. Write down your highest points and your lowest points. From these points, write down your new trading goals. Here are some tips you can apply to make everything a lot easier.
Think large – there’s still a chance to go into much clearer details later on. You must think of the bigger picture and split it up so you can easily achieve it.
Pick the right words – use the ‘I will’ formula. For instance, you can say ‘I will focus on developing a good trading strategy or ‘I will take a course about trading indicators’.
Set SMART goals – Specific, Measurable, Attainable, Relevant, and Time-bound.
Set your priorities – you must do so to avoid getting too overwhelmed by the time you take steps on achieving them.
A reality check – do this step after everything is done. Are my goals realistic? You must ensure that the goals you set are attainable by the level of trader that you are. If you are new to the market, you cannot expect so much profit to come along your way. You should understand that everything has a process and follow and that you need to wait a couple of times and get more experience to achieve greater things in CFD. As much as possible, you must also take into consideration all the conditions around you.