Could clarify on the trailing stop, what does it mean ?You overcome it by setting a take-profit or trailing stop beforehand.
https://www.earnforex.com/guides/forex-definitions-stop-loss-take-profit-and-trailing-stop-orders/Could clarify on the trailing stop, what does it mean ?
Hey everyone, how do you overcome the greed that makes our profits vanish, I mean the greed that stops you from closing a trade when the profit is actually reasonable
Actually, initially I used to retain a trade until it hit the TP. But majority of the time the scenario turned out negative like the trade went near the tp but the market reversed destroying my profit. As I was the sufferer to this issue, now I developed a thought that I should close a trade even if it doesn’t hit the tp but in reasonable profit.Hey everyone, how do you overcome the greed that makes our profits vanish, I mean the greed that stops you from closing a trade when the profit is actually reasonable.
Personally, I think the most effective way to combat greed in trading is to rigorously follow a well-defined trading plan, setting specific profit targets and stop-loss limits. This disciplined strategy is crucial for making decisions based on logic rather than emotion.Hey everyone, how do you overcome the greed that makes our profits vanish, I mean the greed that stops you from closing a trade when the profit is actually reasonable.
Totally agree. Consider regularly reviewing and adjusting your trading plan based on market conditions and staying informed about relevant news and developmentsClearly define your entry and exit rules, sizing, stop loss, and take profit settings of an order before entering a trade and stick to those rules while the trade is running.
We must make such Efforts so that the risks present into our trading will also get reduced.This is when you realize that risk management does not go one way.