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Hello dear followers
I break the elements of a trading methodology down into 50% money management and 40% psychology. Guess how the remaining 10% is distributed?
I give 8% to the exit techniques and the last 2% to entries. Stops, taking profits and managing the position makes up the 8%.
Usually, when we think about a strategy or a trading system, we think in terms of entry criteria, whereas exits are the levels where we actually gain or lose money. This is one of the reasons so many people fail, not because they are bad analysts or have poor entry rules- it's because exit rules are almost nonexistent in their trading approaches.
Tomorrow I will discuss some of the most effective exit techniques.
Cheers
I break the elements of a trading methodology down into 50% money management and 40% psychology. Guess how the remaining 10% is distributed?
I give 8% to the exit techniques and the last 2% to entries. Stops, taking profits and managing the position makes up the 8%.
Usually, when we think about a strategy or a trading system, we think in terms of entry criteria, whereas exits are the levels where we actually gain or lose money. This is one of the reasons so many people fail, not because they are bad analysts or have poor entry rules- it's because exit rules are almost nonexistent in their trading approaches.
Tomorrow I will discuss some of the most effective exit techniques.
Cheers
