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Pre-Planning – A Key to a Successful Trade

You should always get a game plan in place before making a trade.  Getting caught on a emotional roller coaster is a sure way to end up penniless.

Points to Know:

  • What is my maximum risk?
  • What is my maximum reward?
  • What is my break even point?

Make a plan:

  • What is my entry point?
  • What is my exit point . . .
    • For taking profit or
    • For stopping losses.

The most important part of your plan is to make a good plan and stick to it!  Don’t let greed or fear over come you.  It isn’t easy.  I know.  If you go outside the plan you will wish you hadn’t later.  Remind yourself of that when the going gets tough.  In the end you will thank your self, feel a sense of accomplishment, and control if you stick with it.

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