When you enter a position you need to also put a stop loss on. You will find out soon that losing is part of trading. When you control your losses then you are also learning to control your profits. You learn to be aware of the market and have a feel for what it is going to do.
You can lose 4 or 5 or even more times in a row. If you keep the losses small then you will be able to make larger profits when the market goes in your direction. In the end, by controlling your trades you will be profitable. One of the best ways to control your trades is to always trade with a plan.
Make a written plan. Include:
- The signals you will enter and exit the market on.
- The time of day you will trade.
- Just an overall outline of how you will trade the market.
This will help you control the risk in trading and preserve profits.