Live Trading Two Types of Profit
What are realized profit and unrealized profit?
The most important thing is our stop loss which minimizes our risk and keeps us safe in the market.
What you need to be continuously focusing on is training your mind that’s why a lot of work needs to be done in your mind in terms of psychology as well as your risk management which is where the stop loss can be trailed to how much can you minimize risk in terms of your strategy. That is what we are looking at in terms of the strategy parameters and everything, as I have explained in the other videos, it is basically looking at the range and that certain parameters are fulfilled and we take the trade.
Always follow your rules, whatever your rules might say. Let me give you an example, if its 5 pips away from target you are supposed to trail it behind a 5 minute channel or whatever it is, have it all written down. Don’t have doubt anymore, don’t give in to your emotions, have it all pre planned. Know what to do, exactly at what stage and that is when you can overcome your emotions and execute your plan flawlessly and as we always say Trade like a Master.
We are going to be trading live very soon in the Live Trading Week in just 5 days, we are going to start on the 27th of July and then we are going to trade for 3 days in real time with real cash. So you are going to learn much more about these strategies, also how we do it, how we pre plan it, how we record our trades and analysis of our performance. As we always say till the next time stay disciplined, follow your trading plan and keep Trading like a Master.