Hello Trader,
Raise your hand if this has happened to you before (don't worry, I trust you).
You jump into a trade according to plan. As soon as you get in, the trade starts to move against you.
All of a sudden you wonder - Did I put my stop loss in the right spot? Maybe I should give it more room.
After 20 minutes of mental jumping jacks... the stock blows past your stop, turning a manageable loss into something much worse.
Like it or not, that type of decision making shows lack of discipline.
But today I'm not here to lecture you on how to be a more disciplined trader.
Instead, I want to talk to you about how you can improve your trading plan.
More specifically, how to set better stops.
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