π 3 Steps to Stay Profitable as a Trader: 1οΈβ£ Set a Stop Loss β Always determine your exit point before entering a trade. Knowing where your risk limit lies allows you to manage potential losses proactively, ensuring you donβt hold onto a losing position longer than necessary. 2οΈβ£ Position Size β Tailor your position size based on the risk involved. A larger risk warrants a smaller position to minimize potential losses, whereas you can afford to increase your stake when the risk is lower. This strategy helps in maintaining balance and not overexposing your portfolio to unnecessary risk. 3οΈβ£ Focus on Volume β High volume stocks or assets are where the action is. More volume means more liquidity, allowing you to enter and exit trades more smoothly. It also means more data points for your technical analysis, enhancing your ability to make informed decisions based on market movements.
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