Stock Market Trading in 2016

Goal Setting
At the start of every year, many of us set goals with regards to things like giving up smoking, losing weight or getting into shape at the gym. Of course this is a good thing - except for some obscure reason even though we have set them - we very rarely seem to stick to them. The same applies to our financial goals. We decide we are going to be more conscientious about following the markets, doing the course, saving money to trade and focusing on our wealth management. Well, again for some reason they too don't seem to last.There are a couple of rules that apply to goal-setting, which if you follow, will change all of that. You will find it easier to stick to your goals and achieve them and, in many cases, actually exceed them.
The Three Golden Rules of Goal-setting
Write them DownIf you do not have your goals written down - they are meaningless. They are then just hopes, wishes and dreams - nothing more. When you write them down, make them specific. Be as exact and precise as you can about what you want to achieve. They must be believableIf they are not realistic, you mind will discard them. Not that they must be small. Far from it. The more challenging and the bigger they are the more exciting they become. They must just be possible or else your mind will reject them; because if something is not possible, by definition you can't achieve it. They must have a WHENUntil you set a date by when you will achieve them by; or a date by when you will start a new habit - they will remain nothing more than wishful thinking. The minute you add a WHEN your mind resonates with the implied pressure and starts working towards achieving whatever you have set yourself.If you follow these three very simple rules, you will be astonished at how you start enjoying sticking to your new resolutions and how easy it is to stick to them. Let me give you just one example of the three rules in action and you can adapt your goals accordingly. I should give you a financial goal, but one that is more common to most people at this time of year will probably be easier to grasp.Let's say you want to lose weight. Firstly write it down as precisely as you can. Don't just say I want to be thinner...Rather write down - "I am going to lose 10 kilograms so that I can still fit comfortably into all my clothes and I will look more professional and I will feel better."
Make it possible. If you are very overweight - don't decide you are going to get into shape to look like the cover girls or boys on popular magazines, because your mind will reject that.
Rather be realistic. If you need to lose more than 10 kilograms - start at 10. As soon as you get there you will be so excited that thereafter, you will find losing any excess very easy. But make it believable.
Lastly - add a WHEN. Say something like - "I will lose 1 kilogram a week for ten weeks and I will be 10 kilograms lighter by 12.000 o' clock on the 14th April 2016." That way you have an infinitely better chance of losing weight than just telling yourself you would like to be skinnier. Now is a good time to sit down and think about the financial goals you would like to achieve this year.
Here are a few ideas which might help:
Find time to tradeEven though it doesn't have to be very time consuming - finding time to trade is sometimes difficult so you need to decide what it is you want to trade. If you want to trade Forex, you have 24 hours a day 5 days a week fit your trading time into your day. However If you only want to trade JSE stocks, then you have to choose between 9:00 am and 5:00 pm. One way of finding extra time is to do your analysis after work and see what trades you are going to make the next day. Then when morning comes, put in an order and let the trades play out for themselves. You literally, just need 10 minutes to analyse and choose your trades for the day.
Set some money aside to investThis is crucial. You need to think about how much money you're prepared to save for your trading. If you don't have much yet, then start off small. Open a trading account, and deposit little by little every month.
In the meantime, play around with a practice account first so you can see what it's like trading a real account.
You can start by opening a demo account such as IronFx, GT247 or even Oanda.com.Note, you can literally get started trading today with just R500. So the amount you want to save every month is entirely up to you.
Well what's stopping you? Start writing your goals down today. Make them realistic and add a WHEN and you'll be well on your way to having a better year than the last one. Good luck.
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