Rule #1 Of Any Business- Protect Your Investment
Category : Guides
Analyzing the quote “I always define my risk, and I don’t have to worry about it.” – Tony Saliba
That’s exactly right.
Whenever I hear a quote about how traders need to cut their losses I think something along the lines of “I always define my risk, and I don’t have to worry about it.” I know where and when I get out before I get in. I don’t ever need to cut anything. I don’t trust myself with that kind of decisions.
I’m human and therefore emotional. There is no getting away from that so don’t even try. But I’m a trader and I don’t let emotions interfere with my trading. I don’t always succeed but I try to minimize emotional decision making.
I take decisions only once when I’m trading and that is before I enter the trade. This is when I’m most calm and calculated – learn more about that and price action at analyzethisfx.com. I always place a stop loss and my losses cut themselves.
Rule #1 of trading: Always place a stop loss. Where? That is a great question.