Common Trading Mistakes: Running Away with Profits and Holding on through Losses

As a novice currently in this situation, this topic resonates deeply with me, and I want to share some insights.

Usually, when I make a small profit, I immediately cash out for safety, after all, there have been quite a few times when I turned a profit into a loss due to a sudden change in market conditions. It’s not that this approach is wrong, but whether to close a position should depend on the situation; if the trend is moving in a favorable direction, it might be worth waiting a bit longer.

Holding on through losses seems to be more of a psychological issue; it’s difficult to overcome my own mental barriers. I need to convince myself to set stop-losses, and when it reaches a certain point, I should cut my losses. Holding on too long is too risky; if I'm not careful, I could face a margin call. Additionally, holding on requires careful consideration when adding to a losing position; it’s already a loss, and adding to it brings me closer to the liquidation line. I’ve tried many times before; holding on itself isn’t the problem, but after adding to my position several times, the trend still didn’t improve, and as a result, I was liquidated.