Time Management For Forex Traders: How To Reach Profitability
In this video, I share some of the keys to time management for Forex traders.
After all, those who reach their goals often have a strong basis of time management. Not only is it important for you to work hard, but you must ensure that you work on the right activities.
As it has been discussed in How To Achieve All Your Trading Goals, many Forex traders come into trading with big outcome goals that are going to take some time to reach. Unfortunately, those outcome goals aren't always best to keep the momentum on a daily basis.
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Time Management For Forex Traders: The First Step Is “WHY”
Instead, I recommend figuring out your “WHY”. This is where a coach can be useful…
If you do not have a coach, you can figure out your “WHY” by asking yourself:
“Why Do I Want To Succeed In Forex trading?”
That should help you come up with something fairly fast. But then ask yourself again:
“Why Do I Want ________ (the answer to the question above)?”
By doing this a few times, you should come up with your true “WHY”, the one that motivates you at a deeper level.
As a member of the Desire To TRADE Academy, you should have completed Module 1 of Power Trader on that topic. If not, I recommend do it now!
Creating Your Goals & Milestones
Once you have your strong “WHY”, think of various goals (i.e. milestones) you'd need to accomplish to get there and pick the one you need to achieve next.
For instance, you might determine that your next step is to make $5,000/month from trading.
The purpose of this isn't to outline all your next steps and feel overwhelmed. Things will inevitably change and force you to tweak your milestones. Instead, simply figure out your next step.
Goals Turned Into Action Steps
As you might have noticed thus far, goals alone can be overwhelming. That's precisely the reason why you want to break them down into action-steps. Those are things you can work on at any point in time during the day.
It might require some thinking, but the best way to figure out what action-steps you need to take is to learn from traders who've accomplished what you want to accomplish.
Action step: Go where all the episodes of the Desire To Trade Podcast are listed. Search for the episode you think can help you figure out the actions you need to take and listen to it while taking notes.
If an action on your list of action steps is too big, break it down into smaller parts.
Execute On Your Action List
Finally, once you have a plan of action, the last part consists of going through those action steps until you reach your goal/milestone.
I personally recommend blocking 1hr per day on your calendar to work on your trading. That way you can create a routine.
Some people prefer to work big chunks of time on the weekend, but that may make it harder to keep momentum.
What's important here is that you find what works best for you!
No matter what your goals of trading Foreign exchange are, you must create an action plan today! That's what time management for Forex traders is all about!
If you are aspiring to trade for other people while traveling, you might want to consider checking out the Desire To TRADE Academy where I’ll help you do precisely that!
If you are aspiring to Forex but wonder how to put together a solid trading plan, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!
