When entering a trade, it’s crucial to determine your exit points right from the start. Set your stop loss and profit targets in advance to avoid the pitfalls of holding onto a losing position for too long or missing out on potential gains.
Sticking to this plan helps you maintain discipline and stay true to your strategy, minimizing the emotional stress that can cloud your judgment.
A common mistake traders make is moving their stop loss in the hope that the market will turn in their favor—resist this urge and trust your initial strategy.
If you notice a change in market conditions or feel that your original plan might not work out, don’t be afraid to exit the trade early. It’s often wiser to close the position before your stop loss is triggered than to hold out for a reversal that might never come.
Greed is a powerful force, both financially and emotionally, and it can easily derail your trading success.
By creating a solid trading plan and sticking to it, you build the discipline necessary to manage greed effectively. Mastering this skill is essential for achieving long-term success in trading.
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