We are going to do the opposite of most traders. Instead of assuming we are right when we place a trade and let the market prove that we are wrong – we are going to assume we are wrong when we place our trade and only hold a trade that proves us correct.
Learning this approach to risk control is THE MOST important part of our job as traders. Our job is to limit risk. Understanding everything there is to know about managing risk will protect our accounts from the unexpected situations that can have a dramatic negative impact on your profits.
These strategies are so CORE to our approach that all of Part Three is dedicated to a live reading of Phantom of The Pits.