How does earning $398 a day sound to you? Good right? Many of us can only wish that we will eventually make this much, for some it is a reality, but for most, it is a distant dream. Yet it is achievable, but the real question that you need to be asking yourself is whether or not you should be aiming for that amount, and what stage you are currently at. Yes, it is achievable and we will be looking at how you can achieve it, but also why you probably shouldn’t be aiming for something so high straight away.
Should You Aim High?
Ultimately, yes you should be aiming that high, but you should not be aiming that high straight away. In fact, your first goals should be to simply be consistent or even profitable, those are good targets to aim for. If you think about your current trading and your current strategies, what level are you currently at? How much are you making? You will need quite a large balance and a lot of experience in order to make so much per day. Yes, it is certainly achievable, but it is achievable once you have a number of years of success under your belt. Aim high, but do not aim too high too fast.
It is important that you start with more realistic targets, start thinking about simply being profitable, that should be your first goal and the first thing that you aim for. Even something like $10 a month is still a positive result and is still a good step in the right direction. Then once you achieve that, increase it, to $20, then $50, then %100, then start looking at weekly targets, $50 a week, $100 a week, and so forth. While many like to look at daily targets, we would actually advise against this, simply because it can force you to make mistakes or to trade when you shouldn’t, but we will look at that shortly.
We mentioned earlier about daily targets, sometimes people like to set daily targets but we like to think that these can actually be quite dangerous. If you are trying to make a certain amount each day it can lead to over-trading or larger, more desperate trades. This is why we try to place longer-term trades, it takes away a lot of the pressure that you may be putting yourself under. So instead of placing daily targets, try placing a weekly one, this will mean that you can still have bad days and you won’t feel that you need to make additional trades just in order to meet your targets. Weekly or monthly targets are best, just don’t try and put yourself under too much pressure with large and short goals and targets.
It Takes Money to Earn Money
Let’s be honest, if you want to make a lot of money you are going to need a lot to begin with. Otherwise, you will be using ridiculous amounts of risks which could very easily lead to you blowing your account. If you want to be making $398 each and every day then you will either need to be placing some rather large trades or an awful lot of them, either way, you just can’t do this with a small balance, even with a balance of $10,000 you will most likely struggle to get near to this figure. So the simple fact is that if you want to make a lot of money you will need to have a lot of money in the first place. This does not however make the target unachievable, as it will just mean that you will need to build up your account balance first, start small but aim high.
Take Your Time
You need to remember that you aren’t actually in a rush to make his amount, yes we want to get there as quickly as possible but there is no reason to rush and no reason to put your account under any additional risks by trying to get there as quickly as possible. Instead, take things slowly, the markets aren’t going anywhere and so there is no rush to get to your targets as quickly as possible. Use the time it takes to get there to build up your account balance and to learn, learning is a never-ending endeavor within the trading world and so take your time, do not rush, and try learning a little bit extra along the way.
It can be very tempting to rush your way to achieving such a good target, making that much each day is a dream for many and it would allow them to quit their job and work from home. That amount could solve the majority of a lot of our money issues, but it is not something that you will achieve straight away. You need time and money to get to that stage, a lot of time and a lot of money. Set your goals high, but ensure that you do not rush and that you plan your journey there, do not put your account under risks that you do not need to.