It is said that life works on "HOPE" and same element is applied by our traders who do not follow a constant style of trading. Please remember that  element of "HOPE" is bad for trader and is equally bad for his portfolio as this step emanates from not following a single trading style.

Element of hope gets for an individual as he is not following a proper trading plan as professional traders plan a trade first and than trade the plan whereas the novice trader performs executes the same in reverse manner.

One can avoid this mistake by understanding the consequences of the trade which can be either trade goes in your favor Or trade goes against you.

As a matter of fact before executing a trade be ready with an answer for two questions namely

Question. What would you do when the trade goes in your favor
- Essentially, Your Profit Booking Plan.

Question. What would you do when the trade goes against you?
- Essentially, Your Exit Plan (Stop Loss, etc.)

As a thumb rule one has to stick to the plan no matter what and If your stop loss is hit, close the trade and move on to another trade and never hang to a losing trade, ever as flexibility is good only in war.

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