How to Cut Your Trading Losses in Half – Trade Manager pro
Studying my personal trading journals over time I quickly realised most of my losses were due to two fundamental mistakes:
1. Entering the market when I shouldn’t.
2. Not sticking to or forgetting my trading plan.
Those two elements were responsible for most of my losses in the long run. I ended up making the same mistakes over and over again. I knew, if I could only have a structure and be able to eliminate them, I would become profitable over night!
These are the days when you spot an excellent setup and decide to enter the market. The trade seems to be a perfect opportunity! The price has pulled back to the level you were happy to pull the trigger. BANG! You are in! Then when your mind cools down you realised – there is an important risk event coming out today and it is expected to move the market substantially both ways before it settles into a trend. One of your trading plan’s elements is to check the risk event calendar for any data releases before you enter the market. You didn’t – you forgot. Data is out and your trade is stopped.