Day 19: Risk Management - Save Your Account from Sinking ๐ก๏ธ
"Winning in trading is not essential; staying alive is the priority. If your capital goes to zero, you wonโt be able to take advantage of the next day's opportunity."
3 Golden Rules of Risk Management:
๐งฑ1:The 1% Rule: Never risk more than 1% of your total capital in a single trade. If you have $1,000, then a trade should not lose more than $10.
๐ก๏ธ2:Stop Loss is Mandatory: Driving without a seatbelt and trading without a Stop Loss are both dangerous. Stop Loss is not your enemy; it is your best friend. ๐
๐ซ3:Risk-to-Reward Ratio: Always aim to target at least $2 or $3 if you are willing to lose $1 (1:2 or 1:3 ratio).
Master Rule: The market will always give you opportunities, you just need to have 'chips' (money) to play. Revenge trading always washes the account.$BTC $ETH $BNB
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