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Top Trading Lessons: Remember the Basis of Your Trade

Top Trading Lessons: Remember the Basis of Your Trade

Peter Hanks, Strategist

Remember the Basis of Your Trade

One of the trading aspects I find most difficult is letting a trade ride. Often, once I am firmly in the green or firmly in the red, the temptation to modify or exit the position is immense. While it may be ok to alter the position’s size or shift a stop, exiting a trade early has cost me considerably.

That being said, my top trading lesson for 2018 is to remember why you entered the position in the first place. Listen to your analysis and stay true to your trading style and typical timeframe. Write and highlight your key points and levels down if necessary but stand firm on your original idea and levels even in if the trade moves in your direction: don't let emotions overrule an unbiased trading strategy..

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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