Every trader hates losing open profits.
Learn these 5 practical trading tips to safeguard your gains and stop the loss cycle.
1/ Set Profit Targets.
Know when to exit.
- Define clear exit points in advance
- Set Take profits at predetermined levels
- Avoid the temptation of waiting for higher gains
2/ Regularly Reassess Trades.
Stay on top of things.
- Continuously evaluate the performance of open positions
- Use manual stops that are time-based
- Don’t become complacent with profitable trades
3/ Avoid Emotional Decisions.
Stay rational.
- Don’t let fear or greed drive your trading decisions
- Stick to your trading plan and strategy
- Emotional decisions often lead to losses
4/ Plan for Volatility.
Expect the unexpected.
- Understand that markets can be unpredictable
- Be prepared for sudden market moves
- Have a plan for dealing with high volatility
5/ Diversify Your Trades
Spread your risk.
- Don’t put all your eggs in one basket
- Diversify across different assets and sectors
- This reduces the impact of a single loss
To learn more about How you can Start Trading for a living, sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading”.
