Define Your Trading Goals
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| Description | As every one in trading knows, failures really are a part of the company, and you canat avoid them. If thatas something you've trouble taking, then you shouldnat be trading. Nevertheless, thereas a huge difference between losing big on an everyday basis and losing small in a controlled trading approach. You already know that you must keep your losses small; the main element is to keep them smaller that your typical benefits. Letas look at a trading strategy that produces $300 in profits for every win and costs $200 to you for every loss. Now, if your weekly goal is $300, and if your first business was a loss in $200, you then need to make two winning trades to achieve your weekly profit goal. I want to take this only a little further and actually break it down for you: youave dropped $200 on your one losing industry, and on your two earning deals ($300 each) then you make $600. Your net income = $400. Goal achieved. Visit research rockwell trading to compare the meaning behind this idea. Today, STOP TRADING. Usually, youall wind up giving back you to the money just made to the areas. Lock in your earnings! Of course, youare not always assured per week with only one loss. Letas look at weekly that begins with three failures. With three failures, you're now down $600 ($200 each). So you would want to own three wins that end in $900 ($300 each). Subtract the $600 you lost on the losing trades from the $900 you won on the winning trades, and your resulting net gain is $300. Target accomplished. End trading. aWait a minute a youare saying that I'll accomplish my aims with a percentage of only 50%?a YES! Thatas exactly what Iam saying! Read the example above again: you dropped $600 on three dropping trades, built $900 on three winning trades, and arrived with a net income of $300. Which means that you can choose a losing trade every STILL and other time accomplish your weekly profit goals! I wish to stress this point again, because many investors ignore this important idea of placing weekly targets. They define daily objectives, which create an enormous psychological pressure, and then when they shouldnat they deal areas, and they lose. So letas just assume for one minute that you do find yourself obtaining a genuine winning percentage of only 50%. Now, when you begin trading again on Monday morning, what're your odds of having a successful business? 50%! You have a one in two possibility of meeting your regular profit goal in only one, single business! So if your weekly profit goal DO be achieved by you on the initial trade Monday morning, what next? End trading for that week! Just take it easy! It doesnat get any better than that. Remember, you will need to adhere to your weekly goal and your trading strategy. Do NOT come into still another trade when youave already accomplished your regular goal; the chance that your second trade can be a losing trade is too great, and you would be giving your hard earned money and profits back again to the marketplace. Over-trading and greediness really are a traderas downfall, stay glued to your methods and so avoid them. Now, you know that you can perform your regular revenue goal with a percentage of only 50%. As you improve in your trading abilities, you should really be able to still meet your financial goals and improve this winning percentage with time.. |
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