It’s a well-known fact among online brokers that most of their clients lose money – some more than others.
“A lot of brokers’ clients belong in a casino, not in the financial markets,” he says. “In fact, I think a lot of them have been kicked out of casinos because they are a danger to themselves, and so they end up with online brokers trading the financial markets. They are not serious about getting themselves educated, or about taking steps to mitigate risks. They want to bet on red or black.
One client lost R667 000 in three days. Another lost R197 000 over a similar period. It’s clear from the trading history that the clients took big bets on the market but failed to exit the trades when they started to go wrong. The trader was taking both long and short positions on the Nasdaq as the market changed direction. It happened to be on a day when the Nasdaq was particularly volatile, moved by geopolitical rumblings in Ukraine and concerns of mounting inflation in the US.
“It’s important to understand that not every trade will be a winning trade. When a trade goes against you, you have to have a predetermined level at which you cut your losses. If you don’t have the discipline to exit the trade yourself, you must automate that by putting in a stop-loss to make sure you exit a losing trade before it does too much damage. You have to play the long game and look after your capital first, and let your profits accumulate.
Source: Digital Coin News (digitalcoinnews.net)
trade_quick Discipline and patience
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