Money Management

Only risk 2-3% of your capital. What that means is when you calculate your stop losses your stop loss amount has to be within 2% of your account .If the trade goes against you, the maximum you will lose is 2% of your account. This way it also prevents you from getting panic attacks when the trade retraces against you resulting you close the trade pre maturely. If your desired stop losses do not come within 2% of your account don’t take that trade. You may miss one trade but there are millions more to come.

Remember there is no easy way to become a good consistently profitable trader. No one can become a profitable trader overnight. As everything else in life it takes time, patience, lots of sacrifices and learning. Don’t be afraid of mistakes.