How To Set Trading Goals with IQ Option

IQ Option has laid out some valuable tips by which you can improve how you rate your success.

IQ Option are always laying out helpful ways by which you can improve your CFD trading experience. Earlier this week, this came in the form of explaining how exactly you can make use of one of the more advanced trading techniques- Rainbow Trading. Today, they have set about helping users in a broader sense by assisting them to set up trading goals. Let’s see what they had to say about this very important issue.

Setting Trading Goals

As is the case with most things in life, setting goals is an important way to measure your growth and see how you have improved over time. In trading, this is especially important due to the fact that it is all a numbers game.

This numeric aspect of the practice also means there are numerous ways by which you can measure your success but there are of course some ways that are more beneficial for you than others by which to do that. As IQ Option put it there are both good goals and bad goals.

According to the IQ Option, the first thing to bear in mind is the necessity to not measure it by a number of deals in a day or the amount of money accumulated in a time period but spend more time focusing on how exactly you trade. In a nutshell, the need to focus on the process, not the outcome.

Essentially what this then requires from you is to set a marketing strategy and then stick to the guidelines which that market strategy outlines for you and don’t step outside of these. The art of discipline, therefore, is what a primary goal of yours should be.

Strategy Goals

If you are yet to get a strategy, then perhaps you should set yourself a goal to find one that works for you. Not having a strategy is very much an amateur mistake, and as IQ Option rightly point out, not having one can lead to irrational trading decisions or emotions playing a role in your decision when this shouldn’t be the case. You need something concrete you can fall back on and a good strategy is exactly the cushion you need. Whatever the case, setting a strategy is an easily manageable goal.

However, going at one strategy hammer and tong without seeing results is also folly. And so, it could be a good idea to set yourself a goal to try out numerous strategies, or step outside a strategy that you have become accustomed to and try one that is a little bit different and see if that can improve your results. As entrepreneurs will tell you, business is all about risk and naturally, trading is a business where risk is a larger factor than is usually the case and it needs to be embraced.

Measurements

Once that goal is in place, you need to avoid focusing on factors outside of your control. Primarily, this refers to the market itself and you shouldn’t set goals based from a market perspective. Instead, what you need to focus on is the amount of money you are investing, what you are investing it in, and the points as which you enter or exit that deal.

IQ option has laid out the following example in respect to that:

Bad Goals –

• Make $100 a day / $1 000 a week,
• Earn at least 50% payouts in one deal.

Good Goals –

• Use no more than 2% of your entire capital per trade,
• Read at least 1 book about trading a fortnight.

You can see the difference between these styles of goals immediately. The latter is more about honing your skills, taking things slowly and keeping tabs on what you are doing. While the first goal is more numerically-oriented and while you may meet these every now and then, it is practically impossible to ensure these are met on a regular basis.

If your goals are directed toward being defensive of the total capital and a work in progress so speak, as opposed to making as much as possible as quickly and possible your goals then it is a good sign they are correctly aligned. Start setting goals now at IQ Option