Utilize risk management strategies to protect your capital from "summary" of Mastering Trading Psychology by Mike Baehr,Andrew Aziz
Protecting your capital is of utmost importance when it comes to trading. One way to achieve this is by implementing risk management strategies. These strategies are designed to minimize potential losses and preserve your trading account. By utilizing risk management techniques, you can safeguard your capital and prevent significant drawdowns.
One common risk management strategy is setting stop-loss orders. A stop-loss order allows you to define the maximum amount of money you are willing to lose on a trade. By placing a stop-loss order, you can limit your losses and protect your capital from excessive risk. This technique is crucial in preventing emotional decision-making during turbulent market conditions.
Another effective risk management strategy is diversification. By sp...
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