Common Trading Mistakes: Taking Profits Quickly, Holding on to Losses

As a novice currently in this situation, this topic resonates with me a lot, and I would like to share some insights.

Usually, when I make a small profit, I quickly secure it, as I have experienced many instances where my gains turned into losses in an instant. This approach is not necessarily wrong, but whether to close a position should be judged based on the situation; if the trend is moving in a favorable direction, it might be worth waiting a bit longer.

The issue of holding on to losses seems to stem from psychological factors; I struggle to overcome this mental barrier. I need to convince myself to set stop-losses, and when I reach a certain point, I should cut my losses. Holding on too long is dangerous, and one misstep can lead to a margin call. Additionally, being cautious about averaging down is important; since I am already at a loss, averaging down brings me closer to the liquidation line. I have tried many times before; holding on is not the problem, but after averaging down a few times, if the trend doesn't improve, I end up getting liquidated.