|PDF Title :||The Playbook|
|Total Page :||590 Pages|
|PDF Size :||8.3 MB|
|PDF Link :||Available|
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The Playbook : An Inside Look at How to Think Like a Professional Trader – Book
Traders should develop a giveback rule; that is, if you give back a certain percentage of your profits on the day, then close your positions. No trading should take place for the rest of the day. Yes, swing traders and hedge fund traders should also adopt a giveback rule.
This rule should be developed by the individual trader, in consultation with the head of a firm’s risk management, and based on how that individual trades. Then the trader should trust the risk administrator to enforce this rule, protecting the traders from themselves.
Some traders swing more and thus should have a larger giveback rule, and others such as scalpers should have a tighter giveback rule. A good giveback rule for most traders is 30 percent of your closed P&L.
The Playbook : An Inside Look at How to Think Like a Professional Trader PDF
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