If we want to succeed in anything that we do, we need to set our goals so we can plan our actions to reach that goal. It's just plain and simple ... we won’t know what to do if we don’t know what we want.
Same thing with stock trading, in order for us to develop an effective trading strategy, we need to set our goals first and it should be measurable and simple. It is easier to develop a trading strategy if our goals are measurable and simple.
At first I don’t have measurable goals in my trading, all I want is to earn but later on I developed my trading goals which are measurable and simple. Here are the two trading goals which I set:
a. To trade stocks without losing any centavo in any transaction ... this may raise the eyebrows of a lot of stock traders out there but I have set it as my goal and so far I have satisfied this goal in all my transactions.
b. To make a profit of 400 pesos minimum in any trade.
Your goal may be different from mine but what is important is you have set your goal and you are happy with it. From there you can develop the trading strategy that will help you achieve your trading goals.
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