When stepping into a trade, it’s vital to establish your exit points beforehand. Set your stop loss and profit targets to avoid the temptation of holding onto a losing position too long or letting potential gains slip away.

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Adhering to this approach keeps you disciplined and focused on your strategy, reducing the emotional stress that can cloud your judgment.

A common pitfall is the urge to shift your stop loss, hoping the market will turn in your favor—resist this temptation and trust your initial plan.

Once you’re in a trade, if you detect a shift in market dynamics or feel that the original plan might not play out, don’t hesitate to exit early.

It’s often better to close the trade before hitting your stop loss than to hope for a turnaround that may never come. Greed is a powerful force, not just financially but emotionally, and it can undermine your trading success.

By crafting a solid trading plan and sticking to it, you develop the discipline needed to manage greed effectively. Mastering this skill is key to achieving long-term success in trading.

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