Every business, big or small, must have a mission-vision statement. It serves as the most basic foundational guide to establishing what an entity aims to do.
What exactly are Mission-Vision Statements?
A mission statement is written by an entity to reflect its core purpose, character, and values.
It can be as short phrase or it can be several paragraphs long. Its primary function is internal – to state the significant measures of an entity’s success – and its prime audience is the management and shareholders.
Meanwhile, the vision statement describes an entity’s broad image of the future.
The vision statement communicates both the purpose and values of the entity. For employees, it sets expectations on how they are expected to act and motivates them to give their best.
Real World Examples
Most entities combine the two, but some make them separately. Here are some mission-vision statement examples of popular companies:
“To accelerate the world’s transition to sustainable energy.”
“Amazon’s vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.”
“Airbnb’s mission is to create a world where people can belong through healthy travel that is local, authentic, diverse, inclusive and sustainable.”
“Facebook’s mission is to give people the power to build community and bring the world closer together.”
Forex Trading and Mission-Vision Statements
As I always say, you should treat your forex trading like a business. After all, you dedicate valuable time and resources to it, just like any other business venture.
It should be more than just a hobby. As such, it’s important for you to have a mission-vision statement to consistently guide your actions and help you achieve your currency trading goals.
To make your mission-vision statement, you must ask yourself the following questions:
- Why do you trade?
- How do you trade?
- How will you grow your trading business?
If you’re a part-time discretionary retail forex trader who trades multiple time frames (15-minute, 1-hour, and 4-hour charts) that aims to make at least 1% profit every month, then craft a statement based on those factors.
There’s no need to complicate things. Your forex mission-vision statement may be as simple as this: Make monthly returns of 1% through discretionary trading and by trading three different time frames.
Keep in mind that your mission-vision statement should reflect your goals.
If you’re a professional forex trader who wants to put up your own trading firm, your mission-vision statement could be: Put up a hedge fund with at least $100 million under management.
Once you’ve constructed your statement, print it on a sheet of paper and post it where you can see it while trading. You can even frame it! And you don’t have to keep your mission-vision statement to yourself.
Feel free to share it with the BabyPips.com community by replying with a comment below!