It is not good to set monetary or pip goals in Forex Trading. The reason is that when you set a monetary goal, and for example you say, “I must make $1000 per day through forex trading”, you push yourself to trade even when there is no trade setup formed on the charts. Sometimes, it is not possible to make any money for several days. Instead, sometimes you make a lot of money every day, for several consecutive days. Forex trading and also many of the other businesses are like that. The number of the trade setups that form on the charts, has nothing to do with your efforts. You can not make the markets form more trade setups. Trade setups form when they form, and all you can do is that you take them and enter the market when it is the right time. Similarly, it is a bad idea to set pip goals, like “I must make 50 pips per day…”. If you hear from a trader that “I make about 800 pips per month…”, you should know that he is not a professional trader, and he is lying. It is impossible to set a pip or monetary goal in forex trading and perform exactly as the goal is set. The reason is what I explained above. In forex and stock trading, you have to wait for the trade setups to form. You can not make them form, and the number of trade setups that form every day, week and month, can be different from time to time. Even day traders who work with short time frames like 5min or 15min can not set pip or monetary goals. It is a mistake if you think that trading the short time frames can make a constant amount of money every day, because at least one trade setup can form on these time frames every day. Trading the short time frames is nothing, but wasting of time and money: Long Time Frames and the Patience that Pays Off Am I saying that a forex trader, either novice or professional, should not set any kinds of goal at all? We can not set an exact monetary or pip goal, but we can set goals that have no deadline. For example, we can work toward making our first $100,000 or $1,000,000 through forex trading, but it is stupid to set a special deadline (like one year) for it, specially when you are going to make your first $100,000 and so you don’t know how long does it take you to do it. Having goals like making the first $100,000 is not a bad idea, because it can make you keep on working, and not to get disappointed. Disappointment is one of the biggest obstacles in front of novice forex traders. Many of those who start learning forex, get disappointed and give up, because their failures make them think that they are not able to make money through forex trading, they can not be a forex trader, God doesn’t want them to make money through forex trading…, or making money through forex trading is a myth and nobody can do it. Novice traders should encourage themselves to keep on working as long as they have not got the result they expect. They should keep themselves from getting disappointed, and forget about the other things, like the amount of the money they will or they want to make. Let the money that you will make be determined by the other factors that you have no control on them. The gifts that will be given to you are much better than what you think. Just keep on working, and let the gifts to be sent to you at the right place and right time. This is how you have to set your mind and keep on working: It is possible to make money through forex trading and I can do it. I will become able to make a lot of money through forex trading. I don’t know when, but it is not too far. I am so close. I am almost there. I keep on practising and will get there soon. I will become so wealthy, and I will feel the real meaning of financial freedom soon. I have everything I need to get there, and I will get there soon. I will become the best trader ever… Think like this and forget about the rest. Your enthusiasm and efforts will be rewarded sooner than later. Keep yourself from getting confused, overwhelmed and overloaded. Making money through forex trading doesn’t come from too much working, and sitting at the computer for long hours every day. When you learn what to do, you just need to check the charts 15 to 30 minutes per day or even less. You can see the formed strong trade setups at a glance, take your positions, set the stop loss and target orders, and you are done for the day. This is how the best and most professional traders work. A professional trader is not someone who works and trades a lot.