The goal of a successful trader is to make the best trades. Money is secondary. Alexander Elder.
How true is this quote? From my experience it’s very true. But it’s hard not to get wrapped up in the money sometimes, isn’t it? After all, that’s why we’re trading right? We want to fill up our accounts with cash, be profitable, trade full-time.
But when you trade is moving in the right direction and your account is filling with cash, it’s hard to do what we should, and let the profits run. So we close early, and watch a position take off without us.
Or what about when a position is moving against us and it’s nearing our stop. It’s hard to close it out and cut our losers short. We want to keep it open, hope that it comes back.
That’s why focusing on making the right trades is so important. I have to remind myself of this all the time.