A professional trader expects to be profitable by the end of the
month or the quarter, but ask him whether he’ll make money on his next trade
and he’ll honestly say he doesn’t know. That’s why he uses stops: to prevent
negative trades from damaging his account
Once you have a trading system that works, it’s time to set the
rules for money management. You can win only if you have a positive
mathematical expectation from a sensible trading system
(Most traders take a good system and destroy it by trying to make
it into a perfect system)
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