The most important thing to learn is to close the chart at the right time. Not every trade will be profitable, just like not every day or month will be. Today might just not be your day, and if you keep trading, you might lose your account.
Here are a few recommendations:
- Learn to close the chart, strictly limit your risks and the number of trades per day.
You have two options:
1% risk per day, 1 trade.
1.5% risk per day, 2 trades. (If the first trade is a loss, the second trade should be taken with 0.5% risk).
- No matter what happens on the chart, once you hit your limit, you're done trading for the day. Close the chart and analyze the day in the evening.
Until you learn to close the chart, you'll keep losing and blowing accounts.
- Keep a trade log. Having your statistics handy is essential. You'll understand your key mistakes, win rate, which days you lose more, which setups are profitable, and which should be removed.
Without statistics, youâre not really trading.
- Plan your trades. Start planning your trades for the day or at least for a session, and stick to one direction. Donât trade in all directions.
-Trading in all directions leads to emotional swings and constant doubt about which direction to take (should I go long?).
Donât let one bad day take you out of the game. Start controlling your risks and the number of trades you make, and youâll get much closer to your first payout. Stop wasting time, gather your resolve, and close the chart when you hit your limit.
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