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Trading strategy revealed: The key to long-term trading success

by , 11 September 2014

Trading draws many people because of the lure of large gains. It's this greed factor that can become the overriding emotion when it comes to trading.

But greed has some bad side-effects attached.

If you want to succeed over the long-term, what should you do?

Read on to find out…

What greed does to traders

There are essentially three side-effects of greed…

  1. It stops you closing a trade when you hit your take profit level. Greed tells you to hang in for more.
  2. You aim for returns that are too high. And you tweak your trading strategy to fit the trend rather than thinking about your strategy over the longer-term.
  3. You put on trades that don’t fit your strategy.

How you can make money trading

The best thing you can do as a trader is keep the greed monster at bay.

You should aim to make around 5% a month, Max Munroe in Forex Round-Up explains. If you manage to achieve this and let it compound over the next five years or so, you will make a lot of money from trading.

And this is the case even if you start off with a small trading pot.

If you start chasing huge monthly returns, you might do well over the short-term, but chances are you won’t last that long.

And you’ll be taking on lots of risk along the way.

Even though you’re trading for the short-term, you need to take a long-term view of your plan of action.

You need to keep greed at bay, stop yourself taking on huge amounts of risk and focus on perfecting your trading strategy to help you be more consistent.

By getting a trading strategy that works for you, making decent profits will come with that. And that will add to your trading pot as time goes by.

So there you have it, the key to long-term trading success.

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Trading strategy revealed: The key to long-term trading success
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