December 12th, 2008

Never Turn a Winner into a Loser (5 of 26)

Written by Kirk | one

Topics: Disciplined Trader Series, Emotions, Inside The Trader's Mind, Trading Tips
This entry is part 5 of 26 in the series The Disciplined Forex Trader
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The Disciplined Forex Trader

Have you ever done let a winner turn into a loser?  We all probably have especially in the beginning of our trading careers.  This is one of the first steps in learning how to manage a trade and use good money management techniques.  When you let a trade move against you that means that it was positive at one time then it moved negative now you are dealing with a loss.  This can fall in the area of greed.  We did not want to settle for a small win so we took a loss and hope it is not a large loss.  Of course, inevitably you now hesitate and the trade further deteriorates into a substantial loss. Each trade is only one trade.  There will be many more trades come along all the time.  There is no need to be greedy.  No one trade should make or break your trading account. So don’t be greedy.

Series Navigation«Always Scale Back When You are Trading Poorly (4 of 26)Keep things in perspective (6 of 26)»
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Comments

One Response to “Never Turn a Winner into a Loser (5 of 26)”

  1. sudi on March 19th, 2009 2:33 am

    please do

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