One of the most important mantra to become a successful trader is to never turn a winning trade into a loser. Most of the traders have violated this rule. The secret to successful trading is to never turn your winning trade into a loser.
However, traders should aim at their goal and try harder not to violate rule. As a traders one needs to follow it systematically in present and future is well. Because, the greed factor clearly plays a pivotal role in turning a winner into a loser if not objectively managed.
For example, market has rewarded you by moving in the direction of your position. However, you are not satisfied with a small winner. The market has rewarded trader by moving in the direction of their own position. When Mr. Market is saying your in the right direction of trade. But, if as a trader you are not satisfied with a small winner.
Then hold onto the trade in the hopes of a larger gain, only to watch the market turn and move against you. Of course, inevitably you now hesitate and the trade further deteriorates into a substantial loss.
Therefore, trail your stops as the stock/commodity/index moves in favor of your trade setup. Thus, always it is pivotal to never turn your winning trade into a loser.
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