10. Cut your losses

Dear fellow traders,

The last few weeks a was very busy trading my own. I made over 1000% ROI in the last 3 week, isn't that amazing...

The risks higher, that's why the return on investment is also that big. But with a good stop loss you can change the world.

Today I am going to write about taking profits. No, this isn't just a normal post, it's a very important one. I also suffer from this, and so do most people.

When people are trading, you have your targets, stop losses and I hope, your own trading plan. But, what if the market you trade is changing, do you cut your losses or are you also the person that "hopes" it will come back, and eventually you are to late, so did I.

In the past I made these mistakes, trade plans can change, please remember that. Anyone can give his or her advice about the market, and everyone has it's own view, respect that. But do NOT I repeat NOT follow everyone’s advice. Don't let yourself get scared by them and stick to your own plan. 

I made these faults in the past, and I did suffer from that. If your trade is in profit, and it just made you hell of a profit, and it's only plumbing now, please relocate your stop loss, you don't need to lose money that you already won, or do you?

Taking profits on the way is a professional thing, it's a mindset. If you are able to take profits on the way, I will call you a pro trader. It's not the "I hope I do" it's the mentality of "I will, and do", remember that. 

Keep an eye on the market as much as possible, and I will be writing another post as soon as possible. Next time I will tell you something about my profits.

Because let's face it, no one likes to lose money!

Have a wonderful trading week!

Vince Roestenburg

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