“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.”
– Paul Tudor Jones.
It takes one significant loss to eat away all your profits of the month. To become a consistently successful trader, you’ve to control your losses.
You can’t be consistently successful if you’re not following proper risk control measures.
Trading isn’t easy. It’s not a simple buy-and-sell process. Without self-control, you can’t win.
You must have to think seriously about the possibility of losing money. Once you forget the truth that you can lose a trade, you’re dead.
Intelligence says that if something is not working, get rid of it. Develop a habit of cutting your losing trades early.
Trade mindfully, and you’ll make profits, but without risk management, there is no way to become a consistently successful trader.