HemmersChess

Everyone has heard of the infamous trader who turned $10,000 into over $1,000,000 in one year. Well to spill light on this myth it has been done but the question isnt if it happened or not it is: do you really believe you can do it? Youve probably seen the ads and websites, that scream huge rewards and returns and claim to be able to turn you into a million dollar trader. Ask yourself, is this the norm or is it just someone basing their business off a lucky guy they once knew?

Everyone has heard of the infamous trader who turned $10,000 into over $1,000,000 in one year. Well to spill light on this myth it has been done but the question isnt if it happened or not it is: do you really believe you can do it? Youve probably seen the ads and websites, that scream huge rewards and returns and claim to be able to turn you into a million dollar trader. Ask yourself, is this the norm or is it just someone basing their business off a lucky guy they once knew?

Youve heard the claims made by forex trading system sellers, I consistently have 50 winning trades in a row with no losses let me show you how, or the trader that will show you how he makes thousands per day from his beach front home while spending quality time with his family and pets. A true system will explain to you that trading takes concentration, time and a lot of hard work. Learning forex is learning a profession. You cant just jump in and be successful over night.

Setting goals is huge part of trading, but knowing how to set useful goals is vitally important. You need to be specific and measurable when setting your goals. Dont say I want to make lots of money. Instead set something like I will make $xx.xx per day. Base your goal on the size of your account. For example $5 on a $500 account $10 on a $1000 account per day. This equates to $1250 and $2500 per year on each of these accounts. These numbers may seem small but they are realistic, attainable and measurable. They will keep you trading from day to day, rather then losing your ability to trade all in one emotional day.

Another way to look at is you will only trade 2% or 5% of your account at a time. And there is also: you will always set a stop loss on every trade. These are realistic goals, they are goals that will drive you to be a successful trader who is making money rather than losing.

Promotional material like that makes high unrealistic claims shouldnt be a driving force in your trading. It only does damage to the average trader because it sets expectations so high. After reading enough of these things it becomes easy to believe, (maybe not consciously), that these sorts of returns are normal. Be very careful what you buy into when you learn to trade, always remember that realistic will get you farther than hype.