I trust you all have been enjoying your learning journey and making money along the way. Last month income Generator performed quite well with catching 200 Pips on AUDUSD and 200 + pips on NZDUSD. Our top performers on our Prop accounts made over 4% for the month with some followed by a smaller percentage gain. This should build your confidence up that you can outperform the hedge funds!
To maintain the consistency I cannot stress enough the need for a tight risk management schedule build into your trading system. Once you are trading consistently the need to make 40% per month will disappear and you will trade profitably forever.
Today I want to discuss how to set specific trading goals for April and try out if this works for you.
You may have already heard of setting SMART goals.
S = Specific
M = Measurable
A = Achievable
R = Realistic
T= Time Specific
So how to apply it to your trading this month: Let us take a case in point with Income Generator
Specific = Concentrate on IG and set a target of one per day.
Target for the professional close this month or if a clear trend is identified then move the stop loss to break even on Day 2. (Ideally 24 hours after the trade is running in profit. This is an example only, consult your coach for using further discretion)
Target 300 pips per month or 1-2%
Measurable = Calculate your profit either in Pips or in percentage gain (Pick one and go with it)
Measure your previous trades and ask yourself how to improve your results for the next trade. This should be done at minimum once per week.
Achievable = Remember the phycology of success.
Moving your stop losses this way is training your brain to collect profits. Please remember that training your brain to read charts and grow into earning money in this way is the toughest part of being a profitable trader.
Realistic = 300 pips in a full month net is a realistic target.
Collect evidence yourself – Go back to IG and back test currencies that were triggered last month. Do an analysis and apply techniques that you use for your specific trade management.
Timely = we have placed our goal for 300 pips for the April month.
This is an example of a time specific target.
I wish you a super profitable month. Please send me your results. Happy Easter to you and your family.