Do you close losing trade straight away or wait?
When we are losing any trade, it becomes way too common that we go with losing it as quickly as possible since that’s the way how we are able to avoid any risk, but do you really do that? I am always very careful that I avoid closing any trade randomly without logical reason, so I always work on planning and trade only if it’s IN the plan. It’s easier for me with broker like OctaFX given their crystal clear policy and also smooth trading platform like cTrader, it all helps with planning and helping me with handling losses pretty nicely!
Beginner traders tend to add to losing trades, resulting to a bigger amount of money at risk. They do this in hopes for a trade reversal so they can get back their loss. However, this usually causes bigger chances of unprofitable trading.
When I started my trading with FreshForex broker in 2012 I mostly closed within a second and eventually, I lost my deposited my every time and after six months I talked to a senior guy who recommends me not to close immediately so after following this strategy I made really huge money and still I am getting daily profit from forex trading.