Hello friends of Project HOPE, I hope you are all well. Today, Sunday, is a day to prepare for what next week has in store for us, with the intention that we make the best of it. Today I want to share information that I consider important, related to capital management, above all, taking profits and being satisfied with what we obtain. And note that I say conformist but not conformists.
Taking profits in trading is a fundamental aspect to guarantee long-term success. It's something I've been working on and trying to improve every day, because it's happened to me that by not making profits, I end up with nothing.
When we carry out operations in the financial market, whatever it may be, it is crucial to have a clear plan that includes the entry and exit points, as well as the profit and loss levels that we are willing to accept.
Once the price reaches our profit target, it is important to act with discipline and close the trade as planned. Although it may be tempting to leave a trade open in the hope of making bigger profits, this can be risky and lead to losses if the market changes direction. This has happened to me, I repeat, and it is not pleasant. In particular, I usually close partials, and leave part of the operation running.
I can say, based on my experience, that the key to good profit taking is having an objective approach based on market analysis. Obviously, it is important to take into account the technical and fundamental factors that can affect the price of an asset, as well as establish realistic profit levels based on these factors.
Furthermore, I also think it is important to remember that taking profits does not mean being complacent or content with mediocre results. Rather, it is about being aware of the risks and rewards of each trade, and acting in a rational and disciplined manner based on these factors. It's not about becoming a millionaire in one day, but about staying constant over time.
Above all, if we want to dedicate ourselves to trading as a profession or trade, taking profits is a crucial aspect to guarantee long-term success. Always have our plan clear, and not leave aside act with discipline and rationality.
These things have been difficult for me to understand, but once we establish them as part of our philosophy, they begin to give results. Are you dedicated to trading?, Do you agree with taking partial profits or do you expect your operation to reach take profit?, I read you in the comments.
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