Question from Alen Lim: How do I keep my account strong if I buy or sell at the wrong time?

Question from Alen Lim: How do I keep my account strong if I buy or sell at the wrong time?

Posted by Mario Sant Singh 27 November 2012 0 Comment

The fact that you admit to entering wrong trades shows that you either do not have a trading plan or you did not follow your trading plan.

If you do not have a plan, I strongly suggest you create one. You can refer to my answer to “Question from Baichen: As a new trader, how do I craft a trading plan and start my first trade?” dated 18 October 2012.

If you do have a trading plan, execute your trades consistently using your plan. The purpose of the plan is to guide your approach and trades so that you do not fall into the trap of trading based on your emotions.

Trading according to your plan instead of your emotions will go a long way and improve your trading account. The other suggestion I have is stop trading live for now and practice your trading on a practice account.

Trading is a skill and like any other, it will take time to learn. Take your time on a practice account before risking your money again. You may refer to the FXPRIMUS Coach program as you embark on your trading journey.

To your success as a profitable trader,

Mario

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