If you ask a new trader, "Why did you get into that trade?" the answer will probably be, "I don't know. Everyone was talking about it."
If you ask a reddit trader what their target is they'll say, "I don't know. Whenever everyone else gets out."
If you ask an app trader about their stoploss they'll probably say, "I don't know. What's a stoploss?"
Everyone wants to go to heaven, but nobody wants to die.
Everyone wants a Monster Winner, but nobody has any idea of the process behind it.
To get a Big Win and keep the winnings, there has to be a plan.
Sure, it's possible to stumble into a profitable position. But it's super hard to keep that money because there are no guidelines to sell.
And if we do make money on a lucky winner, it's almost possible to do it again.
Gut feel and message boards don't produce long-term winners.
The solution, of course, is simply to have a plan.
Know when you're getting in and why.
Make sure none of those reasons are based on internet jabber.
Then, know when you're getting out, and why.
Make sure those reasons are unassailable so that there's no hesitation when the time comes.
Have a goal and stick to it.
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