As traders many times we tend to only look to the short term and what trades we have on or are about to enter. To be successful with any longer term goal you not only have to know where you are headed but how best to get there. Having a plan and setting mile posts to mark progress along the way is fundamental to a successful trading business. Determine a Long Term Goal First, we want to determine our long term goal. To give two trading examples perhaps you either want to generate a certain monthly income or build a certain dollar value in your account. Whichever of these you choose it is important to set a monthly goal to track how you are doing in reaching the goal. That way if things are getting off track you can address any problems before your get too far off your success path. Realistic Goals Secondly, setting realistic goals is key. Let’s say for instance that you want to generate a monthly income of $5000. If you are trying to reach that amount using a $100k account size it will be easier than to reach it with $20k account size. A simple […]