How do I successfully trade?
TRADINGFEATURED
"A consistent risk management plan is what we need to base our trading plan around"
Trading is not gambling.
Don’t be the trader that blows their account in two trades.
Trading requires excellence, not stupidity.
As retail traders, we don’t have vast amounts of money behind us and as such, we need to have a plan to stay in the game. The only plan that you should have is consistency.
We need to base our trading plan around a consistent risk management plan.
It’s about minimizing damage to your account while maximizing the gains.
Unless you are a hedge fund manager and can afford to be a high-risk trader, then by all means, go for it. I would love to be you.
But if you are a regular old retail trader and you risk 10% plus of your account size per trade, that’s just stupidity and we are not the same.
Be like me and don’t be stupid.
Credit: Quora