We were joined by two excellent guests yesterday with Matt Bowen and Adam Halpern from IndicatorWarehouse.com. Matt shared about his background in becoming a technical trader and how understanding how to manage risk is the MOST important thing that a trader can do. Regardless of what strategy or method you are using, Risk Management is key and is often times the missing piece that struggling traders need. Instead of always looking for the next best system or indicator, spend some time working on your risk management and you will be much better off. Something Matt pointed out is that trading is a business and if you do not monitor your numbers, you are not able to see where you can improve. Four of the critical components to success are:
1.) Trade with the Trend
2.) Cut Your Losses
3.) Let your Profits Run
4.) Manage Your Risk!!!
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Risk Disclaimer: Past performance is not indicative of future results. Futures trading involves substantial financial risk. Please consult your personal financial advisor before using this information for your own trading purposes.