Always Use Stop-Loss Orders (1 Viewer)

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Always Use Stop-Loss Orders: A stop-loss is an order placed with your exchange to automatically sell your asset if it drops to a certain price. It’s your safety net. If a trade goes south, a stop-loss limits your downside. Set it based on your analysis (e.g., below a key support level) and your predefined risk tolerance. Don't let emotion prevent you from placing or honoring it. Never move your stop-loss further away in the hope of a recovery. This is a common and costly mistake.
Take Profit Targets (and Stick to Them): While everyone talks about limiting losses, securing profits is just as important. Before entering a trade, identify potential take-profit levels. When these levels are hit, consider taking some or all of your profits off the table. Greed can be as detrimental as fear. Many traders watch their profits evaporate because they hoped for "just a little more."

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