This Is What You Should Chase When Trading!
Stop chasing money when trading. This is the number one advice I can give to any beginner trader. Money is simply the reward of doing the right things in trading. Here’s how.
When trading, chase consistency. Consistency when it comes to executing your strategy, your proper risk management and trade management. Building the right trading habits is what brings money in trading. Not luck. Don’t chase trades, wait for trades/good setups to come to you before you press any buy or sell button.
Trading is about producing results over time and consistently so. Executing your strategy unchangingly helps you to come across really good trading opportunities instead of missing them. These are opportunities that can make you a lot of money and/or recoup all your losses to take you out of a drawdown.
Whilst at that, don’t deviate from proper risk management. If you decide to risk 2% per trade, let that be so. Don’t change from 2% to 5% all of a sudden because you won your last three trades in a row. That can be a devastating move to the growth of your account. Decide on how much you want to risk per trade and stick with that through wins and losses.
Lastly, learn to manage your trades persistently and with patience. Warren Buffett (greatest investor of all time) once said: “The stock market is a device for transferring money from the impatient to the patient.” Don’t be fiddling with your trades every 5 seconds unless if you are a scalper, which I don’t know how they manage trades.
However, give your trades some room to run. If not, you may end up being caught in the emotional trap of closing trades prematurely only to regret when price starts moving in your direction.
With that said, I conclude by this: When you follow the right practices in trading, you will be rewarded by the market in the form of money. Like I said at the top of the blog, “money is the reward of doing the right things in trading.”
I now hope you learned how unnecessary it is to chase money when trading. However, if you differ, let me know in the comments section below!
