As many traders will tell you, whether you are trading Nadex Binary Options or Forex, it is very important to have goals. Not just goals though. Many traders forget that goals should be broken down into 3 categories. Short term, mid term, and long term goals. Many traders today set a goal that quite far from they currently are. What we have discovered over years of development here at Dex Fx Markets, is that setting a series of goals, based upon your short term needs, mid term objectives, and long term stability, have yielded much greater success than just one main financial goal. Let's break it down a little so you can better understand.
Setting Short Term Goals
Ok, so you've decided to start, or currently are trading. Doesn't matter whether it's on forex or Nadex. Let's just say for this example that you have no experience trading at all. Many people in this situation jump into trading with the goal of making $xxx amount each week or month. Mistake number 1. Why? Because your short term goal, in this case, should be to Learn not Earn. Training and practice are the only ways to get better at anything and trading is no different! If you are an experienced trader, but you only make $uvw dollars and you want to get to $xyz dollars, training and learning more along with more practice should be your first goal.
TROI vs ROI
We all know ROI is (Return on Investment) but what the heck is TROI? Time Return on Investment. Your time is valuable and you should place value to it, your time is the most valuable thing you can invest, way more important than money. By investing your time into learning and practicing, your regular ROI will increase exponentially! Once you understand that it's going to take time and energy to get where you want to be, you know now that you have to willing to put that time in.
So now you know that setting a short term goal should include learning more and practicing more. Even seasoned traders should never stop trying to learn more. Now you wanna make some money right? Duh
Your short term goals as far as how much you want to make can be how much you make a day, a week or a month. Set them small, to begin with. I wanna make an $50 a day, or $200 a week. Set them small and scale-up. We here at Dex Fx Markets have discovered that trading Nadex Binary Options has the ability to help us reach our short term goals quickly using the signals and strategies we have.
That's it for this article, I don't want it to get too crazy but my next post will show you how we set our mid term goals, and what tools we use to reach them!
Want to learn more? Dex Atomic is coming soon, a series focused on how to use all the tools, signals, indicators, bots, charts and literally Everything we have here at Dex Fx Markets to help you reach Your level of success.