If I just said “no” I would've banked a decent profit!

by , 05 October 2016
If I just said “no” I would've banked a decent profit!
Dear Trading Tips reader,

You're in a Euro Dollar Forex trade.

It's going up nicely and is about to hit your take profit sell signal, where you'll bank a decent gain.

But then, you go against the system and raise your take profit further.

You just “know” the trade will keep going up where you can bank an even higher profit.

The market has passed your initial take profit and you feel like this was the most profitable decision you've ever made.

But then, Mario Draghi (ECB President) gives his announcement of slow growth in Europe.

The market reacts, and your Euro currency trade starts to fall.

All of a sudden, there's panic-selling and doubt.

It gets to the point where you end up taking a loss, instead of a “should've banked” profit.

This happens to most new traders.

All because they didn't say this one word…

NO!

Let me explain…


How this two letter word will bank you more trading winners


When you have a trading strategy… You need to follow every rule and setup when you trade.

You get into your trade, you put in your levels (entry, stop loss, take profit and initial deposit) and you simply leave it alone.

When a trade is going your way, and you’re thinking of moving your take profit higher than where it is, say this.

“No, I will follow my strategy, as I know it will pay off in the medium to long term”.

When you deviate from your strategy, you enter a more emotional state. This is when the three deadly Forex cronies will take over.

Panic, Disbelief and Greed.


Once either one of these emotions take over, you’ll end up deviating from your strategy.

So, say NO! and then step away from your computer.

Why?

Say “NO!” to Greed

Well if you allow Greed to take over, you’ll move your take profit higher than where you initially put it.

And if the market goes the opposite direction, you’ll end up taking a loss rather than a profit.

Sure you might win one or two trades, but in the long run you’ll find yourself taking many unnecessary losses. And this will cause a big drop in your portfolio.

Say “NO!” to Panic


Next, we have panic.

Say you’re in your trade and it’s going your way. You get itchy fingers because you want to bank a profit before it hits your take profit.

Sure you’ll bank your profit, but then the real question is… What will happen the next time you trade?

You’ll get out your trade sooner than before. It will get to the point where your potential loss is bigger than your potential gain. And when you start taking big losses and small profits, your winning portfolio will very quickly turn into a losing one.

And you wouldn’t want that… Rather say no when you want to get out of your trade prematurely and say your mantra again.

“No, I will follow my strategy, as I know it will pay off in the medium to long term”.

But I’ll go more into this rule at the Advanced Forex Seminar in October early November.

Say “NO!” to Disbelief


The final feeling you need to say no to is disbelief.

You get into your trade, and you are too scared to stay in no matter where it’s trading.

You get out of your trade as soon as possible.

You’re at disbelief with your winning Forex strategy and so you get out of your trade, because you don’t think it will work out your way.

But now you’re not going to like what I’m about to say.

If you don’t believe in your Forex strategy, I don’t even want you to trade with real money yet.

Say, NO! I AM NOT READY TO TRADE A LIVE ACCOUNT YET.

Instead, open a demo account and follow your strategy without risking a single cent.

Take around 20 demo trades and follow it to a t, until you gain confidence to trade live again.

So just say no!


With this word you’ll more likely to take action, follow your strategy and this will help you close more winning trades.

Always remember,

“Wisdom yields Wealth”

Timon Rossolimos

P.S: What is this Forex strategy I’m talking about? click here if you want to be one of the 15 people to get it!

 

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