Today we will teach you the fastest way to shrink your trading account and go from hero to zero, wiping out all your positive gains within a day. Please heed the following advise with caution and be sure to finish reading the whole article. 😉
Tip number 1 :
Always be emotional about your losses. Set your stop loss by 50 pips and when the market moves towards your stop loss, you start to be emotional, ditching the initial trading plan and start modifying your stop loss. In the end you end up with a 200 pip stop loss. Yay! Be a cry baby, be angry and be emotionally attached to your losses and stop following the trading plan!
Tip number 2 :
Take small profits. You plan and execute a trade with a 100 pip reward as your target. When price reaches 20 pips you are in a hurry to take your profit and finally missed the remaining 80 pip move. Rejoice as you got 20 pips in your pocket! Yay!
Tip number 3 :
You just taken a hard stop in your last trade. You plan to “go big or go home” and try to recover all your losses in one big trade. Ding ding, the margin call alert wakes you up from your dream and you have just blown your trading account.
Well congrats on going through the tips.
Now do the OPPOSITE, I repeat, Do the opposite of what you’ve read on earlier.
Do not be emotionally attached to your losses and always be aware of your emotions.
Don’t be in a rush to take profits instead check whether are you taking profits according to your trading system’s rules and trading plan.
Forget about revenge trading.
Over-leveraging with the gambler’s mindset kills 90% of the traders out there. Have you ever thought about getting back your profits in one trade? Tempting right? But remember if you break your rules Once, you will always break it a second time. As traders, we want to be in this game for a long-term, so focus on consistency and follow your trading system’s rules strictly, executing it without hesitation and temptation. Trade safe.