LESSONS LEARNED?
So I had a trader PM me this morning lamenting that he had blown his trading account with these methodologies. I asked a few simple questions and lo and behold here is what this trader was doing:
So I had a trader PM me this morning lamenting that he had blown his trading account with these methodologies. I asked a few simple questions and lo and behold here is what this trader was doing:
- risking 5-10% per trade
- taking every signal on any pair that offered it
- moving stop losses wider after the trade was on and taking >1R losses
- not having a solid, consistent exit strategy for the trades
- I am sure there are other bad habits going on in the background as well
Is anyone surprised that this trader blew his account? Fear, greed and poor money management will NEVER lead to consistently profitable trading - EVER.
Emotion - it steals your money.
Swift Trade All Time Return:
7.8%
4