Quote from: jrrsparkles on Today at 10:29:56 AM

Quote from: Zilon on July 27, 2021, 05:39:52 PM

It's easy to enter with good entry point but the challanging thing is taking profit before a retracement and most of the times this retracement could be a beginning of a new trend changing a winning trade to loss. And in situations where the trader fails to apply stop loss there could be chances of blowing off ones account. A profit taken is better than a loss made no matter how small accumulation of smalls makes a mighty bulk.

Have you considered taking profits of $1-3$ repeatedly throughout a trading session it might sound small for professional traders but it would go along way in growing an account most especially for beginners. If a trader cultivate the habbit of taking profit during trading he would have an upper hand over the market and also get clearer pictures of better entry points and also be on alert on when to exit especially during retracement.

Taking small profits will reduce the risk of losing your capital but don't forget that you also have to pay trading fee for every transaction which eats yoir earnings if you are keep doing it more. And there is a common fact that day traders are making profits in the short term but in the long term they end up with nothing due to the volatility on prices and failure of compounding.

I also had the same mindset, or at least was trying to gain from smaller profits. However, this wasn't possible when I was in Bitstamp, due to extremely high fees.

I moved to Binance and was able to trade every now and then, but I've stopped now, for personal and psychological reasons.