When entering a trade, it’s crucial to lock in your exit strategy upfront. Set your stop loss and profit targets from the get-go, so you’re not tempted to hold onto a losing position or miss out on gains.
Stick to this plan to stay disciplined and focused, keeping emotional stress at bay. Don’t fall into the trap of moving your stop loss, hoping for a market turnaround—trust your original strategy.
If the market shifts or your plan seems shaky, don’t be afraid to exit early. It’s often smarter to close out before hitting your stop loss than to gamble on a reversal that may never come. Greed isn’t just a financial risk; it’s an emotional one that can derail your trading success.
By crafting and sticking to a solid trading plan, you’ll build the discipline to manage greed and pave the way for long-term success.
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