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One of the most common mistakes made by novice traders is their attempt to hit the jackpot with a single trade. It is better if you start building your account with a series of smaller payouts, rather than going for the big one, because in 90% of the cases the outcome will be quite unfortunate for your account.
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In order to help you better understand the topic, we will give you two practical examples. Let’s say there are two traders, trader A and trader B. Trader A is looking for the jackpot and goes for huge returns that will help him/her multiply the size of the account. On the other hand, trader B tries another approach and wants to build his/her account via a string of small trades.
The final goal of both traders is the same. However, the number of executed trades is going to be different. The question is which approach is better, while the answer is that both traders have equal chances to achieve their goals. There is no way to know which trade will work and which will not.
Is there a way to develop a specific strategy? Unfortunately, if trader A achieves the goal and trader B is forced to repeat the actions until achieving the goal as well, they should both be aware of the fact that everything is possible and the situation may change in just a few minutes. However, experienced traders would tell you that the strategy of trader B is preferred to that of trader A, because it is more conservative.
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