I see many of the people are not able to accept when the trade goes sideways.
Always understand losing is a part of this business and we cannot do without it thats why it’s always important to follow the simple and basic rules of trading and I always tell my subscribers the same.
Here are the rules
1.PROTECT YOUR TRADING CAPITAL. Always use 1% to 5% of your wallet balance to open positions. Let’s say if you are opening 10 positions then the total margin used should not exceed more than 5% of your total wallet balance. So even if you have only 50% win rate you will still be in a good profit.
2. Know when to take profits, Never be greedy. Many people come here thinking that they can make 300$ out of 100$ investment. It doesn’t work all the time. Book profits when you are in profit don’t be greedy. Never wait for TP2 or more when you have a decent profit on your initial margin book it.
3. Keep a target for yourself in a day and if you are done with that close positions or use trailing SL method.
4. Focus on minimising risk rather than thinking about making huge money, growing your small account takes time and a lots of patience.
Do not invest 50%- 100% of your wallet balance on positions, if you do so you can lose it all. You will get frustrated when you lose it all.
Even though we had some back to back SL this week is still in profit for us.
Stick to the rules!!!
T’gram - @beyondcloud9