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Thread: We should wait for more profit or should close the trade after getting small profit?

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    Cool We should wait for more profit or should close the trade after getting small profit?

    I am attached with this business since 2011 and my strategy is that whenever i get some profit then I tried to get more and more profit. Trading with this intention I have lost my whole capital several time and trying to overcome this bad habit. I think it is bad habit to trade with greedy mind, I think we should close our trade after getting some profit in order to survive in this risky and tough business.
    Dear member of this forum what is your mentality? will to continue your trade for more profit or will close your trade after getting small profit? please share your experience.

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    Rookie ola4real's Avatar
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    Quote Originally Posted by Sascha View Post
    many opportunities will be clear to spot once we wait for market and use our strategy properly. market isn't always moving in high volatility so in order to catch that momentum, we must wait for market to reach its specific market sessions first and then pay attention to upcoming news that about to release. most of time market will move fast after that happens and this can be our best momentum to trade.
    It is not so easy to wait for forex market, we can lose in that way, we may gain more too if we are lucky at that time. One thing with the forex field is for traders to be using a solid forex strategy, that will be the guide for the forex trader on what to do correctly. If forex traders wait at times, even their already made profits could be erased, the forex trader will now be regretting it. At times too, if the forex trader did not wait, good opportunities could be missed. That is why we have to rely on our forex strategies on this.

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  3. #1732
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    Quote Originally Posted by ola4real View Post
    It is not so easy to wait for forex market, we can lose in that way, we may gain more too if we are lucky at that time. One thing with the forex field is for traders to be using a solid forex strategy, that will be the guide for the forex trader on what to do correctly. If forex traders wait at times, even their already made profits could be erased, the forex trader will now be regretting it.
    We need to take such decisions as to wait more or book our profits or losses all through our trading. We should not take such decisions in haste but based on research and a strong strategy. Many people lose their money in hurry and then go for loans to trade, that is actually not rational and very bad. Market movement is never straight, it is uncertain and also it is tricky.

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  4. #1733
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    Quote Originally Posted by Abhishekwala View Post
    We need to take such decisions as to wait more or book our profits or losses all through our trading. We should not take such decisions in haste but based on research and a strong strategy. Many people lose their money in hurry and then go for loans to trade, that is actually not rational and very bad. Market movement is never straight, it is uncertain and also it is tricky.
    i think not many almost all people loses if they have hurry, we can just trade in right way and in right time if we have good management, if we have good experience if we have proper analysis and everything in balance mode, so i recommend to learn trade but with learning process make sure you have some proper experience and some personal good behavior, its one core thing in trading if you do not have you can not earn

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  5. #1734
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    We should follow the right thing we are supposed to do. Like I have always said, there is no perfection in this business, you just have to learn and follow what works for you because we are all different and will have different approach in trading, so therefore, lets learn by ourselves and follow the demo account to see what works for us or not.

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    Rookie Silhouette's Avatar
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    Quote Originally Posted by Darkhorse View Post
    We should follow the right thing we are supposed to do. Like I have always said, there is no perfection in this business, you just have to learn and follow what works for you because we are all different and will have different approach in trading, so therefore, lets learn by ourselves and follow the demo account to see what works for us or not.
    Doing anything necessary is another form of perfection we must do for our own advantage. Be a confident trader who can always depend on our own skills and experience to determine market level for possible entry and exit. It's correct that nothing stays perfect in the business but at least we must believe in ourself and everything we have is 100% based on experience, not by anything.

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    rules made to be followed, not to be broken

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    Quote Originally Posted by Silhouette View Post
    Doing anything necessary is another form of perfection we must do for our own advantage. Be a confident trader who can always depend on our own skills and experience to determine market level for possible entry and exit. It's correct that nothing stays perfect in the business but at least we must believe in ourself and everything we have is 100% based on experience, not by anything.
    Confidence is necessary in trading and every time we make the necessary efforts we add to our trading skills and confidence. Also many times traders close their trades before their targets are reached, this can be due to lack of confidence and this will not allow us to achieve good results in trading. Actually trading is done on predictions and hence it sometimes gets difficult to take such decisions.

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  8. #1737
    Rookie Silhouette's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    Confidence is necessary in trading and every time we make the necessary efforts we add to our trading skills and confidence. Also many times traders close their trades before their targets are reached, this can be due to lack of confidence and this will not allow us to achieve good results in trading. Actually trading is done on predictions and hence it sometimes gets difficult to take such decisions.
    Our trading system is the only thing that helps us to know our confident level and don't go through the limit because we don't want to turn ourself to become overconfident. Always follow our rules and look at how market creates its pattern before taking any decisions to trade. Waiting for more profit is good once we've analyzed market and we can see big chance for market to move to the levels we set.

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  9. #1738
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    The forex trading market is a tough one, a lot of things needed to be noted and known before success can be obtained. There are such things as emotions that the trader should be able to have good control over, when they do have control over their emotions, that is where and when the trader will for sure be able to start trading in such a professional way.

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  10. #1739
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    Quote Originally Posted by Darkhorse View Post
    The forex trading market is a tough one, a lot of things needed to be noted and known before success can be obtained. There are such things as emotions that the trader should be able to have good control over, when they do have control over their emotions, that is where and when the trader will for sure be able to start trading in such a professional way.
    tough or easy is basically coming from our experience and knowledge. we have them enough, we won't call this forex market as a tough one. it's considerably so because many traders can't make a consistent profit from their strategy and still thinking that it's market's fault that made them hard to earn profit. market will give the best reward to traders with best experience in trading.

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  11. #1740
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    I think we should do what we feel is right in accordance to our trading strategy and then the way we have been trading the market. Because a lot of trader thinks that they should follow what other traders are doing. But that is not the right thing, learn and use the demo account and be consistent about it, you will get to know hat is best for you.

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