daytrade diaries... wednesday, page-66

Dazdi, do not, repeat do not trade without stop losses.

Long-time traders measure their success not by how much they make on winning trades but how little they give up on losing trades. 12 out of 12 successful trades is a great result - well done - but the last two weeks have been exceptionally good for trading and it won't last. Without having an exit plan when you take a trade you're setting yourself up for a nasty fall. Learn how to protect your capital - that's the difference between a brilliant winning streak and a long career in this game. Again, congratulations on your success - the challenge now is to learn how to stop the market taking it back.