I've learn it's always good to take profit before it turns red on you. Too often I'm trying to get a little more gain just to end up in the red. some gain is better than no gain. especially if you're playing options.
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Biggest mistakes in trading are greed and fear. you must have targets in mind and stick by them. Too often we watch something go up but we don't take profits because we don't have targets set. we think it's going to the moon. then the trade turns and we end up selling for a loss. The same goes when market hits down you don't have the conviction you sell but it's only temporary.
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