DO YOU WANT TO BE PROFITABLE? THEN DO THIS👇!!!
The first year of my trading journey was purely a gamble. A gamble because I make a lot of money and then give it back to the market plus my capital. This became very frustrating that I began regretting my decision to trade and was almost giving up when it dawned on me to review my journals.
One thing I did wrong from the beginning of my trading journey was that I only journal my trades but never go back to review it.
As I began reviewing my journals, I noticed the same scenario was playing through all my trades. And guess what that was? GREED!
Greed has brought me unfavourable outcomes and nearly blew my account and sent me into debt. It was then I realised that my entire view on the market was highly faulty and porous.
I viewed the market as a place for *QUICK GAINS* and an opened door of escape from *POVERTY*. Thus, I took trades with very high expectations and out of the world kind of hopes.
Little did I know that the market is a haunty goddess who neither condones *GREED* nor forgives *FEAR*.
As such, I was always at the mercy of the market until I discovered a feature on the Binance app which helped me mitigate risk and enhance profit. That is the *OCO*.
OCO means One-Cancels-the-Other. It is a feature that allows you to combine a stop order and a limit order. Which means, you can simultaneously indicate your profit target and a stop loss to limit losses.
As such, anytime I set up a trade, I just simply indicate my profit target and my stop loss and then step away from the market to focus on other things. With that, I am confident that whichever direction the market chooses to go, I am covered.
That right there has saved me from the overwhelming greed and has brought some meaning to my trading. I now consistently take profits and I am making progressing well.
You may also want to use this feature but remember to do your own research.
