GoldViewFX - TRADING ETHOS & STRESS FREE TRADING
Here at GVFX, we constantly remind our followers to take profit off the table by banking in stages or protecting profit with a trailing stop after each incremental profit level has been reached as it heads toward the target TP. Far too many retail traders hold positions until it's too late and then the market turns against them and they end up breaking even or even making a loss in the hope that it will go back in the right direction and hit their ultimate, full-on dream TP.
Making money, or to use a specific example, getting into profit through a click on MT4/5 is an initial action. If that entry turns out to be profitable, it was either through blind luck or skilful analysis. Keeping that money, or profit on an open position in our example, requires learnt behaviour. Thus, you would either bank after a certain level of profit or trail your stop up/down depending on whether you're long or short using a habit that's now second nature to you. Growing money, or increasing your equity balance for our example, requires knowledge and discipline.
Growing your account size means not going in heavier with an increased lot size in relative terms to your account size simply because you've had a good run prior. It also means sticking to the same successful strategy that has made you profitable up to that point. Stay disciplined. Also, level up with your skills by gaining more knowledge regarding additional strategies (THAT FIT INTO YOUR EXISTING SYSTEM) and fine tune existing strategies to increase ROI. As an example of the latter, think about how you trail your entries. Advanced techniques on how to use trailing stops can significantly increase your profit on each entry.
Trading is a strategic business activity. It requires action, good habits and the thirst for knowledge. Trade safe and trade profitably.
GVFX - Stress Free Trading Strategy
If you find trading stressful, then one of two things is happening. Firstly, your trading strategy and risk management is not effective and the excessive drawdown (reversal) on each entry and/or the large number of entries you are having to chop is causing undue stress. Secondly, you may have a strategy and risk management style that works but you simply don't have the kind of personality/temperament that can tolerate any amount of stress. In the latter case, perhaps trading is not for you.
For those followers who occasionally want to take it easier for a bit of a break or for those who need to build up their resilience before being able to trade more aggressively, I suggest the following:
1) Risk no more than 1% even though we risk between 1 to 3 per cent.
2) Enter on a significant reversal to a key level. Do not enter on open even if it is a small lot as seeing this go into the red will cause you stress if you cannot handle it.
3) If you enter on a significant reversal, you can move the SL further back by the difference between where you opened your entry and the entry price on the trade setup. In that case, it will be unlikely that you will get anywhere near your SL so even if it reverses, you can relax.
Have a great weekend all
GoldViewFX
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