Successful traders always have a plan and follow it.
Traders who fail do not have a specific plan, they enter and exit with out reason or they enter and then do not exit until losses are painful.
In short, the unsuccessful have no exit strategy, or if they do, they do not follow it
Successful traders wait until the trade comes to them, they do not force the trade. Rather they exercise discipline and ignore that temptation that always suggests: “let a loss run just a little more, it will come back.” The fact is that: the loss that runs just a little more often runs a lot more. Read more
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