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1st step to becoming a successful day trader: RISK MANAGEMENT.
When I first started trading, I always came up with all sorts of excuses. Like I didn't need a stop loss because I didn't want to get stopped out. Or I needed to see how the market moved when the price dropped to the point where I had set a stop loss. And when scalping, I didn't have time to set a stop loss… WRONG!
Without a stop loss, you will be forced to monitor your trade, over-manage it, and will either close too early or hold for too long, especially if you get emotionally upset.
What's worse is that when you enter without a stop loss, you have no clear idea of how much money you're risking or what the risk-reward ratio is.
So if you haven't started using a stop loss on EVERY trade, start now.
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