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| PDF Title : | The New Trading for a Living |
|---|---|
| Total Page : | 303 Pages |
| Author: | Alexander Elder |
| PDF Size : | 3.2 MB |
| Language : | English |
| Source : | wiley.com |
| PDF Link : | Available |
Summary
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The New Trading for a Living Book
You know how much money, if any, you’ve lost during the current month. It’s easy to calculate how much money you have at risk in your open trades. If your previous losses for this month plus your risk on existing trades expose you to a total risk of 6% of your account equity, you may not put on another trade.
If the 6% Rule doesn’t allow you to put on a new trade, continue to track the stocks you’re interested in. If you see a trade you really want to take, but don’t have available risk, consider closing out one of your open trades to free up some risk.
If you are near the 6% limit but see a very attractive trade you wouldn’t want to miss, you have two options. You can take profits on one of your open trades to free up available risk. Alternatively, you may tighten some of your protective stops, reducing your open risk. Just be sure that in your eagerness to trade you do not make your stops too tight
The New Trading for a Living PDF
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