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Becoming a Better Trader: Trading Well? Caution Ahead

Becoming a Better Trader: Trading Well? Caution Ahead

Paul holds webinars on Wednesday, Thursday, and Friday each week, for sign up details and a full schedule of all other live events, please see the Webinar Calendar.

Last week, we discussed how to manage drawdowns, today we discussed how to handle periods of success which come prior to drawdowns. If properly managed, a good trading period can be extended and the risk of a self-inflicted drawdown can be reduced.

Often times, traders become overconfident during periods of good trading and become sloppy in execution. Oversizing and deviation from typical trade set-ups are common mistakes made when riding a winning streak.

The key is to press during winning streaks, but responsibly, and stick to what has worked to get you to that point of a winning run.

How a trader handles a good run is just as important as how one handles a bad one.

For details and tips, please see the video above…

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---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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