Manage your risk effectively from "summary" of Trading in the Zone by Mark Douglas
To be consistently successful as a trader, you must learn to manage your risk effectively. This means understanding that losses are a natural part of the trading process and accepting them as such. By limiting the size of your losses and letting your profits run, you can ensure that your overall profitability remains positive over time.
One key aspect of managing risk effectively is setting stop-loss orders. These orders help you control the amount you are willing to lose on any given trade, protecting your capital from significant drawdowns. By setting stop-loss orders at strategic levels based on your trading plan, you can prevent emotions from interfering with your decision-making process.
Another important aspect of r...
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