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BEFORE, ON TIME and AFTER
Hello everyone
Today we will try to figure out what kind of thinking is correct during the opening, holding and closing of a deal.
Any trader faces these three stages, but not everyone knows how to behave correctly and therefore mistakes are made.
Go!
Before opening a deal...
Every time you find an entry point that matches the rules of your trading strategy, you should think about the following important points:
• Determine the level to set the stop loss.
It is not necessary to set a smaller stop loss due to greed. You should have a stop loss strategy that will be based on the highs or lows of the price, at the levels, because these values are really important and it will be much more difficult for the price to pass the level - this will protect your position and your stop loss from premature closure.
• You must be able to accept losses.
Before each trade, you should remind yourself that a trade can be unprofitable, since there is nothing 100% in the market. Remember this every day. Remember that setups don't always work, and then you won't lose more by rearranging the stop loss or not putting it at all in the hope that the setup will definitely work.
• It takes time.
The deal does not reach the goal in a minute. The market will move in different directions, and you should be able not to react to every movement and give the deal time. Many people forget about it, but due to the constant monitoring of the market and reactions to every movement, traders make mistakes, lose money. You need to be able to wait, understand this. Let the deal work and don't interfere.
The position is open!
The most interesting thing starts right here!
And it is here that a huge number of unnecessary mistakes are made.
• The market must prove you wrong.
After opening a position, the set stop loss will be the level at which it will be clear that you were wrong. You should leave the open position alone and let the price prove you right or give you an erroneous opinion. Touching the take profit price will mean that you were right, there is no stop loss.
• Constant monitoring of the situation.
If you are still following every movement, most likely you will react to false price fluctuations and sooner or later you will close the position. You may just get tired of watching the price move and eventually make a mistake.
You can check your deal once or twice a day, but no more.
You must act according to your strategy, which gave the signal to open a position. Let the strategy work and don't interfere.
Closing a position
It does not matter whether the deal was profitable or not, it is important to rest after it, stop, put your thoughts in order.
It is difficult, after closing a position, to return to the market for a new setup, especially if the transaction was profitable. After all, they lead to excessive self-confidence, which leads you to open bad deals in large numbers.
After a losing trade, you always want to quickly return to the market to recoup. This is a big mistake. Opening deals that are based on the desire to win back what is lost is an abyss into the abyss. Emotionally, you run to open a deal, open on bad signals and lose even more, and so again and again. You have to understand that losing money in the market is normal, you don't have to run to win them back. Learn to accept losses.
The only thing you should do after closing any position is to be disciplined and stick to the trading strategy. The easiest way is to just leave the market and get away from the chart for a while.
It is very important to remember that you need to be able to save money. If you have earned something, withdraw some part at the end of the month, let it be your reward, which will give you self-confidence and you will become a calmer trader in the long run.
Good luck!
Today we will try to figure out what kind of thinking is correct during the opening, holding and closing of a deal.
Any trader faces these three stages, but not everyone knows how to behave correctly and therefore mistakes are made.
Go!
Before opening a deal...
Every time you find an entry point that matches the rules of your trading strategy, you should think about the following important points:
• Determine the level to set the stop loss.
It is not necessary to set a smaller stop loss due to greed. You should have a stop loss strategy that will be based on the highs or lows of the price, at the levels, because these values are really important and it will be much more difficult for the price to pass the level - this will protect your position and your stop loss from premature closure.
• You must be able to accept losses.
Before each trade, you should remind yourself that a trade can be unprofitable, since there is nothing 100% in the market. Remember this every day. Remember that setups don't always work, and then you won't lose more by rearranging the stop loss or not putting it at all in the hope that the setup will definitely work.
• It takes time.
The deal does not reach the goal in a minute. The market will move in different directions, and you should be able not to react to every movement and give the deal time. Many people forget about it, but due to the constant monitoring of the market and reactions to every movement, traders make mistakes, lose money. You need to be able to wait, understand this. Let the deal work and don't interfere.
The position is open!
The most interesting thing starts right here!
And it is here that a huge number of unnecessary mistakes are made.
• The market must prove you wrong.
After opening a position, the set stop loss will be the level at which it will be clear that you were wrong. You should leave the open position alone and let the price prove you right or give you an erroneous opinion. Touching the take profit price will mean that you were right, there is no stop loss.
• Constant monitoring of the situation.
If you are still following every movement, most likely you will react to false price fluctuations and sooner or later you will close the position. You may just get tired of watching the price move and eventually make a mistake.
You can check your deal once or twice a day, but no more.
You must act according to your strategy, which gave the signal to open a position. Let the strategy work and don't interfere.
Closing a position
It does not matter whether the deal was profitable or not, it is important to rest after it, stop, put your thoughts in order.
It is difficult, after closing a position, to return to the market for a new setup, especially if the transaction was profitable. After all, they lead to excessive self-confidence, which leads you to open bad deals in large numbers.
After a losing trade, you always want to quickly return to the market to recoup. This is a big mistake. Opening deals that are based on the desire to win back what is lost is an abyss into the abyss. Emotionally, you run to open a deal, open on bad signals and lose even more, and so again and again. You have to understand that losing money in the market is normal, you don't have to run to win them back. Learn to accept losses.
The only thing you should do after closing any position is to be disciplined and stick to the trading strategy. The easiest way is to just leave the market and get away from the chart for a while.
It is very important to remember that you need to be able to save money. If you have earned something, withdraw some part at the end of the month, let it be your reward, which will give you self-confidence and you will become a calmer trader in the long run.
Good luck!
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🔻FREE Telegram channel🔻
t.me/DeGRAMChannel
🔻Contact for Paid SIGNALS🔻
t.me/DeGRAMForex
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