Why Trading Mistakes Don’t Matter (If You Do This)

It’s true … You should let your winners ride.

However, you should never let a winning trade become a loser. 

But it happens all the time to newbie traders. They let greed overwhelm them.

And without a plan in place, they have no way to properly react when the trade moves against them.

If you’re tired of swinging for the fences and coming up short, then listen up…

Because I’m about to share with you some of the most valuable lessons I’ve learned in trading, which have made me a millionaire several times over.

You’ll also discover how I made money last month and my big takeaways as we head into February.

You Don’t Go Broke Taking Profits

Have you ever really looked at my trades? Go ahead — they’re all posted publicly.

If you do, you’ll notice something…

Often, I could have made a LOT more if I’d held longer.

For instance, take Exela Technologies Inc. (NASDAQ: XELA). I dip-bought this big runner at $0.827 in the afternoon on February 1. I was hoping for a bounce before the close. I was prepared to cut losses if it didn’t happen.

I got out of the trade at $0.853 before the market close — and made a $650 profit.

I was happy with the small profit, so I didn’t feel the need to hold overnight. But that’s me. A lot of other traders reacted differently.

For many, it was too tempting to keep holding to see if it could go higher.

So what happened?

The next day, the stock dipped at the market open … then spiked to about 96 cents.

But after that spike, the price started falling. By the end of the day, it was in the 70-cent range.

For traders who kept holding, it could have been a bigger win — or a massive loss.

For me, it’s not worth the gamble.

If I’m able to exit with a profit, I’m happy to take my small win. I’m happy to move on, even if I could have made more.

Small Wins For The Win

XELA wasn’t my only small win this week.

I’ve had several — including a $414 profit on Auto Dataflow Inc. (OTCPK: EPAZ). That was a spiker I found when StocksToTrade’s Breaking News Chat alerted that the company had news about telemedicine for the metaverse.

By the way — if you’re not using STT’s trading tools, you should be. Right now there’s a special offer where you can sample the offerings for an INCREDIBLE price — don’t miss this!

Anyway … with keywords like telemedicine and metaverse, I knew that EPAZ had potential.

What an awesome spike — it was a stunning win.

I wish I’d had a bigger position.

But I didn’t keep holding in the hope it would go higher. After the big spike, it mostly went down all day.

Which brings me to an important point…

There are so many trades where I could have made more money if I’d held longer, had a bigger position, or done something differently.

But it doesn’t matter. Here’s why…

Singles Add Up!

So many traders are hoping for jackpot trades.

Not me. I know that small wins add up over time.

• Small wins made up the majority of my $26K+ trading profits in January.
• Small wins have made up the majority of the $7.3 million I’ve made over the course of my trading career.

As I constantly remind my Trading Challenge students, it’s a marathon, not a sprint.

If I stick to my rules and make a profit — no matter how big or small — I consider it a successful trade.

So what’s my point?

• Don’t try to anticipate.
• Don’t try to guess what could happen.
• And don’t get greedy and keep holding in case a stock goes up.

Instead, focus on locking in small gains. Keep doing it over and over. It adds up over time.

Focus on Trading Smarter

Without the right strategy, you probably won’t have many gains at all — big or small.

Choosing random stocks gives you random results. I don’t like random results.

That’s why I specifically seek out stocks that fit my criteria and patterns. I focus on what’s working in the market right now.

For the past month, I’ve noticed that one of my patterns has been a top performer.

What I love about this pattern is that I can let a play run its course overnight or over the weekend while I’m off living my life.

And now, I’m excited to share this strategy. 

Wanna know more? I’m hosting a special event next week on Wednesday, February 9 at 8 p.m. Eastern — sign up NOW for FREE!

I can’t wait to share this winning strategy with you so you can take advantage of a pattern that’s working RIGHT NOW in the market.

Do you understand why I focus on singles and not home runs? Leave a comment below and tell me why you love small gains!

Source: https://www.timothysykes.com/blog/why-trading-mistakes-dont-matter/