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Define a strategy, then follow it!

The typical rookie mistake in the day trading world is that people simply trade without any predefined strategy regarding entry and exit points. That truly makes a great trade is that he or she removes emotion from trading and follows a very clear strategy when to take profits and when to cut losses. Many traders tend to let their losses run to far and take their profits way too early. We suggest you read our other article here that specifically talks about this topic in more depth.