6 tips to boost your trading profit in Dubai

As a trader, it is essential to maximize your trading income, and this can be not easy when you are trying to make money in one market and keep an eye on other markets.

This article discusses six tips that will help you boost your overall earnings.

Do not overtrade

The more trades they put on for the average trader, the better their chances of success. However, if you trade too often, risk-reward becomes unbalanced and reduces your returns.

The adage “less is more” comes into play here because the less risk you take on per trade means higher profits for every winning trade.

So in effect, if you reduce your number of trades and increase their size in value (less risk per trade), the total value of your trades will rise with a lower percentage of win/loss – that’s a simple physics fact.

Use stop losses when trading

It is another obvious one, but using stop-losses when trading can benefit you with more than two open positions.

So it may be worth closing some open positions to reduce risk until you have a clearer idea of how a market is going. It does not only stop on losing trades that are important, but also getting out at the right time on winning trades too.

So if you have four or more open positions and are all in profit, then get rid of 1 or more to even things up again (this tip assumes no overnight gaps between opening and closing trades).

Learn to take profits from winning trades

Some traders will hold a long position all the way up with a target of +20 or more points, then when they get there, they will look at how far away the next level of resistance is, and if it’s too …