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RISK MANAGEMENT
Risk management is key 🧠
Below are the starting steps to setting up a good system 📖
Set Clear Stop-Loss Levels 🛑Establishing stop-loss orders helps limit potential losses in day trading. Determine your risk tolerance and set specific price levels at which you'll exit a trade if it moves against you.
Minimize Your Watchlist◾️
Avoid having your watchlist cluttered by keeping it simple with your best stocks. Diversification helps reduce risk by wandering off into stocks you aren’t familiar with.
Use Position Sizing⚖️
Properly sizing your positions is crucial for risk management. Calculate the maximum amount you're willing to risk on each trade based on your overall portfolio size OR risk tolerance.
Maintain Discipline and Emotional Control👨🔬
Emotional decision-making can be detrimental to day trading success. Stay disciplined and follow your trading plan, even during periods of market volatility.
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