Use stoploss orders to minimize potential losses from "summary" of How to Day Trade for a Living by Andrew Aziz
Stop-loss orders are an essential tool for day traders looking to manage risk and protect their capital. When you enter a trade, you should always have a predetermined stop-loss level in mind. This is the price at which you will exit the trade if it moves against you. By setting a stop-loss order, you can limit your potential losses and prevent a small loss from turning into a catastrophic one. The key benefit of using stop-loss orders is that they allow you to take the emotion out of trading. When a trade starts to go against you, it can be tempting to hold on in the hope that the market will turn around. However, this kind of emotional decision-making can lead to significant losses. By setting a stop-loss order, you can stick to your trading plan and avoid making impulsive de...
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