☣️ Manage your mind, manage your money 💰
A lot of traders either make money in the market only to give it back to the market or fail to cut their losses on losing trades due to poor mind management.
Trading is not just a money game but a highly psychological game. The ability to remain calm and make sound money decisions when everything is falling apart is a very crucial virtue for consistent profitable trading.
Most of the times when you're watching the chart and your money is not on the line, everything is cool but immediately you enter a trade you start experiencing emotional discomfort. If emotions are not properly kept in check, you will end up making poor decisions and lose money.
This is what you can do to manage your mind and money:
- Decide on how much you're willing to risk and make per trade ( profit / risk ratio )
- Accept losses as part of the game. We use money to make money.
- Trade with capital that is within your emotional threshold. Don't borrow or use your entire life savings to trade.
- Always do your own research before you take your trades.
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