Before you open that trade…

Azeez Mustapha
16 January 2021 | Updated: 16 January 2021

“But you never know! It could turn out to be a great trade.” – Joe Ross

Before you open that trade, what are your aims and ambitions as a trader? Although the markets do not offer guarantees, why are you placing this trade?
Before you open that trade, note that your trading system is not perfect. Your setup may look like the best in the world now, but that does not mean you will surely win the trade.

Before you open that trade, have you considered the risk on it? What if the market does not go in your direction, would you be willing to let go of this amount you are staking?

Before you open that trade… You need to know when the market is out of sync with your strategy and shift gears. You need to know when the market is also in sync with your strategy and you also trade accordingly. It takes time to recognize that a strategy is out of sync with the markets. By that time, a considerable amount of drawdown would have been sustained, which ought to be eventually recovered when gears are shifted.
Before you open that trade, think about how you will feel if you win this trade. That is your reward for your activity in the market. Trade flawlessly, for profits will take care of themselves.

May your pips be green!

Source: https://learn2.trade/ 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.