Try setting multiple profit targets to make MORE money!
Think about it, when you get into a trade that starts going your way taking profits once and moving on is tough; especially in a strong trend.
Scaling Out means that you exit fractions of your position to lock in profit and leave in positions to take advantage of any further price runs. To reduce FOMO and maximize profits on your trades, take profits in LAYERS. Ex. 1st price target at 10% – 2nd at 25% – 3rd at 40% etc.
This not only lowers your potential loss amount, but it keeps you in a winning trade as long as possible.
The 1st target helps to take a little off the table and ease your emotions to let the winners run a little. The rest of the targets reduce more risks and solidify more profit.
Remember, unlocked profits can easily be taken away.
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