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Wham, Bam Trading Plan | The Trading College Podcast
Trading College is one of the UK's top trading education providers. We offer innovative software solutions, interactive online courses and individual mentorship with expert Coaches in Forex, commodities & stock trading. Our podcast is chock full with the latest market news, thought-provoking ideas and words of wisdom on how to improve the performance of your trades.
Wham, Bam Trading Plan | The Trading College Podcast
Trade the Chart, Not the Money: Stop Cutting Your Winners Short
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Are you closing profitable trades too early simply because the number on your screen feels too good to risk?
In this episode of the Wham! Bam! Trading Plan Podcast, Lee Sandford explains why constantly watching your profit and loss can have a damaging psychological effect on your trading decisions.
A trade may still be following your strategy perfectly, but once you attach emotion to the money being made, it becomes tempting to exit before your planned signal appears. The result? Potentially strong winning trades are repeatedly cut short.
Lee shares a simple exercise that could help you become a more disciplined trader: hide your profit and loss, focus on the chart and allow your exit strategy to make the decision.
You’ll discover:
• Why watching your P&L can trigger emotional decisions
• The difference between a disciplined exit and an emotional exit
• How to stay focused on your entry, stop loss and planned target
• Why trusting your exit strategy could improve your profitability over time
Hide the P&L. Trade the chart. Trust your exit.