Article: The Traders Secret Art Of Setting Stop Losses - Guaranteed To Boost Profits
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The Traders Secret Art Of Setting Stop Losses - Guaranteed To Boost Profits
When traders first begin considering their stop losses, keep in mind this comment from Tom Baldwin, a leading day-trader. He said, ?The best traders have no ego.?
Successful traders are faced with losses constantly, and they swallow their pride and get out of the position when they have to. This allows traders to survive in the market long enough to be successful. Traders set their stop losses, and then stick to the plan.
How do traders go about setting stop losses? There are several different ways. Traders could base a stop loss on a percentage retracement, where the allowed share prices retrace a certain percentage of the entry price before the exit. Different indicators can be used to identify where the stop loss is going to be set. Traders could also use s...
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