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Economy => Trading Discussion => Topic started by: Barikui1 on December 16, 2023, 11:36:18 AM



Title: Know when to stop
Post by: Barikui1 on December 16, 2023, 11:36:18 AM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.

Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.


Title: Re: Know when to stop
Post by: boyptc on December 16, 2023, 12:45:02 PM
Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.
While other people think that trading should be continuous and never be stopped. They don't see the importance of having some stoppage and taking rest or intervals with your trades.

That's why for them it shouldn't be stopped but as you've said, it's important to know to stop. Like when you have no wins at all and you keep pushing but don't restrategize.

Flee the market for a while if the trades you've been doing don't even favor you.


Title: Re: Know when to stop
Post by: Churchillvv on December 16, 2023, 01:40:38 PM
go for  high quality trades.
Is there anything like high quality trades? I don't think so. its just a matter of confidence and methodology, If your trading and you find yourself losing you don't have to find a quality trade because all trades are trade there is non higher than the others it's about your risk management and your decision making. high quality trade is more like a term used by influencers to keep you motivated.

Generally, trading is like gambling your winning is what the determines your quality and it can be a lucky move at times since it's all about profiting anyone whose losing should take a break and re-strategize and find the faults in the failed trade then correct and make better trading. It's good to take a break but quiting is not an option in anyway, just keep pushing gradually and understand better that's the rule.


Title: Re: Know when to stop
Post by: ZAINmalik75 on December 16, 2023, 01:46:36 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss,
I would say we should not stop even with big loss because sometimes we are seeing a good entry after a big loss and if we will have an emotion of sadness and if it will become dominant over us then we might hesitate to trade and might lose the opportunity to recover our loss.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.
You are right, we can not make market to move in the direction where we want unless we have the resources to pump and dump the prices. All we can do is wait for the right moment and should not hesitate to take entry when our gut tells us about a good entry.
Always make strategies and never stick to them just because some other dude is making profit out of it while you are not and in good hopes you are still using it. Always do your own research.

Over-trading will always wipe your wallet and you will lose the upcoming opportunities that would have the potential to recover your all losses. Waiting for the right opportunity is the main thing we all should adopt as retail traders. Because in trading we have the opportunity to trade in thousands of trades.


Title: Re: Know when to stop
Post by: Barikui1 on December 16, 2023, 02:21:34 PM
go for  high quality trades.
Is there anything like high quality trades? I don't think so. its just a matter of confidence and methodology, If your trading and you find yourself losing you don't have to find a quality trade because all trades are trade there is non higher than the others
Brother all trades are not the same, their are more quality trades and their are less quality trades, quality trades comes with the least 1-3 reward ratio, and if you are good in price action trading strategy, it will be very clear where the next movement of the market is going, because your analysis will spot the next action of the market, while less quality trades comes 1-1 or 1-2 risk reward ratio, and you won't be too sure or convince of your analysis.

Generally, trading is like gambling.
[/qoute]
I totally disagree with you, trading is a craft that you must learn in other to be successful in it, once you have masters the craft, you will always be profitable, even though you will encountered some losses at some point, but you will still be profitable because you knows the craft,  while gambling is a different ball game entirely, it's a game of luck, it's only newbie and less skill traders that sees trading as gambling, please be guided.


Title: Re: Know when to stop
Post by: sheenshane on December 16, 2023, 02:58:30 PM
Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
So when will you determine a not complicated market?
Taking a break and refraining from trading during challenging market conditions is an unethical strategic move.  We should keep in mind that the market operates independently and might be there's a lot of reasons why it moves, which could be through FA and TA.

IMO, stop-loss is a very important tool in trading and to limit potential losses by automatically selling when it reaches a predetermined price level.
If you're a big-time trader and can afford an automated bot to execute stop-loss, it should be a good option, but if you're new in this trading field this isn't ideal for you.


Title: Re: Know when to stop
Post by: Gladitorcomeback on December 16, 2023, 03:35:28 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss.

I am thinking different. We should continue our trading if we have still enough fund for trade. profit and loss is part of investment but you have to be consistent and shouldn't loss your trust. If you read the success stories of rich man, They first experience loss but they doesn't give up. People who gives up in the 2011,2005,2017,2021 gives up in loss while consistent traders are in profit.

Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.

Actually we have to adopt the strategy of whales. We should learn when they have intentions to buy and when to sell and then make our trade also. Whales are not investing for giving profit to us. They will sell when they get their required profit, as a result market start dump.


Title: Re: Know when to stop
Post by: bitLeap on December 16, 2023, 04:08:49 PM
Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
So when will you determine a not complicated market?
Taking a break and refraining from trading during challenging market conditions is an unethical strategic move.  We should keep in mind that the market operates independently and might be there's a lot of reasons why it moves, which could be through FA and TA.

IMO, stop-loss is a very important tool in trading and to limit potential losses by automatically selling when it reaches a predetermined price level.
If you're a big-time trader and can afford an automated bot to execute stop-loss, it should be a good option, but if you're new in this trading field this isn't ideal for you.
Risk management is one of the things that a trader must master. No matter how professional or how great a trader I'm sure they will apply it. In addition to making us more comfortable in trading, this also makes the risk we will receive at least smaller than not applying at all.
When experiencing profits it will be the same thing, we must be able to commit to our profit plan at the beginning, do not become greedy, because usually that's where the destruction will start. Greed can destroy the profits that have been in sight, because the market is very flexible and therefore we must get used to sticking to our targets at the beginning.


Title: Re: Know when to stop
Post by: Hamza2424 on December 16, 2023, 04:24:55 PM
I used to say in the trading world, compare it with the cricket game As far as you are on the pitch. You can win. Stop trying to loft wait for a perfect entry and score 6 in one hit. Saving the wicket is the most important part of the game and it is what OP is trying to say. Save the wicket as I said it will give you a chance to hit hard, and the wicket is your capital.

Going for the blind trade is not a wise action, stop and save yourselves. For the rest even I cant understand the bolded text by OP haha.


Title: Re: Know when to stop
Post by: Jegileman on December 16, 2023, 04:53:24 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.

It is okay to have emotional feeling attached when you’re on a loss when trading, but that should have already being controlled by you before you start trading. Emotions can be positive or negative and you shouldn’t allow any of them to get into you too much without finding a way to control them. You can’t get back at the market immediately when you lose in the market and at the same time you won’t be too greedy to take only what you’ve set for that day as profit when you’ve achieved that, you’ll become greedy and could blow up the account again together with the profit you’ve made earlier before.

Quote
Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.

Just simply go for trades you are sure of and certain that you can win without any doubt about them. Although, this can only be achieved through vigorous and extensive learning about the market before you can ready a trade that will favour you.


Title: Re: Know when to stop
Post by: jeraldskie11 on December 16, 2023, 05:02:14 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.

Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.
Your advise is right, but it is easier said than done. If we are trading in real time and suffer a loss, it is tough to take a break since we really want to recover our losses, especially if we are new to trading. Most traders think that if they learn a strategy from a mentor, it would make them instantly profitable since their mentor is profitable, but this is not the case. Why can't we become profitable with the same strategy? It's because we have different market executions. So, after the mentorship, backtesting the strategy is essential in order to determine which structure is profitable.


Title: Re: Know when to stop
Post by: Queentoshi on December 16, 2023, 05:05:33 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.
Stop is not the best word to use for this, the best word should be to pause. Traders should know when to pause trading in times when they notice that they are experiencing many losses and not just getting things right. Pausing and giving trading a temporary break will help you understand why you were losing, the mistakes you were making and errors in your strategy. It will also give you some time to find a new strategy while your capital is saved. If a trader does not know when to pause from trading, they will lose a lot of money to learn the lesson.


Title: Re: Know when to stop
Post by: cabron on December 16, 2023, 05:16:10 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.

Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.

What I learned from the past was that if you find yourself about to bid to enter a position while you are unsure, just exit your trade and wait till you can find the lowest dip. The point is to learn to wait for the right time because it's always best to just wait than feel like you are unsure about your trade. Like you said it's not gambling that its all about luck.

You have a strategy to begin with. If chasing the trend is no part of your strategy, then stick with your strategy especially if you find it working.


Title: Re: Know when to stop
Post by: Nrcewker on December 16, 2023, 05:49:29 PM
The most difficult part of trading is that to know the right time to stop the trade or take exit from it. Once a trader trades frequently, he will gain experience and will eventually make good decisions with it. Still I have seen many traders getting carried away with emotions. Hence you need to control that also in order to make profit. The optimal solution for this problem can be setting smaller targets. Once the target is achieved, just take exit from the trades. In this manner you will make little profits and losses can be reduced.


Title: Re: Know when to stop
Post by: Sanitough on December 16, 2023, 05:58:55 PM
Just like in life, we also need to take a break from trading when we think it's not healthy anymore. Once it's not working already according to our plan, we need to think a lot of times if we'll still continue trading or just shift into another career that suits us better. While others have the desire to consistently trade until success is achieved, some just think leaving trading for good is a wiser idea. Not only because it's not healthy and profitable anymore, but also because trading has already become a calvary on your part.

Knowing when to stop from trading is not an act of being fearful, but rather it's an act of being responsible on your choice when you think it's not going to work anymore.


Title: Re: Know when to stop
Post by: Dr.Bitcoin_Strange on December 16, 2023, 06:03:18 PM
This has been discussed many times, and it's nothing new. I always tell traders that trading is nothing like gambling; people gamble to have fun and also make profit that comes along with it. Therefore, it's normal for someone to get addicted if they allow themselves to, but trading is not something that one can get addicted to; it's not addictive like gambling. Although some people allow themselves to trade with emotion, this results in them making the wrong trading decision, which can cause them more losses.

A trader also needs to be mentally prepared to face any losses that they may encounter while trading; otherwise,  they could just make some mistakes.


Title: Re: Know when to stop
Post by: Eternad on December 16, 2023, 06:07:44 PM
stop when you have a big loss

I think you should stop when you are experiencing consistent loss but not the point that it’s already big because you should immediately evaluate your trading strategy if you are losing frequently before you can lose huge part of your capital.

I lose many times on trading when I’m newbie but it happened on different time span and I learned a lot of lesson for every losses that’s why I manage to come back in profit now that I can think straight on trading. You don’t need to wait for your losses to become big before you stop, you should stop immediately if you are experiencing losses on your current strategy so that you can improve it first before you come back trading again.


Title: Re: Know when to stop
Post by: puloweh555 on December 16, 2023, 07:15:46 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.

Stop,  restrategized and don't come back till your confidence is back, go for  high quality trades.
Staying off the market, and not trading a more complicated market setup is a very important strategy.
the market is what it is, we as retail traders just have to react to what is playing out in other to be successful, not what we think.
As far as I know, even in gambling games we have to know when to stop, when we lose or when we win. Trading is also like that, we have to know when it's time to stop and calm ourselves so we don't make decisions emotionally. This is the same as ordinary analysis which ends in feeling. In essence, use analysis to train the right feeling.

Sometimes we need to stop for a moment to wait for news, not because we want to enter, we just want to wait for a strong urge. Because we have to know in trading not only how much profit we can get in a short time, but how consistently we can get profits.


Title: Re: Know when to stop
Post by: Viscore on December 16, 2023, 07:56:37 PM
As long as you know when to stop and when to continue trading, then you know exactly what it means to trade. However, I still hold on to the idea that sudden stop from trading is not a good attitude for such traders. If you keep doing that, you will never develop your skills and strategies in trading, and you'll never be a reputable trader in the long run. But if you keep seeing your losses have already outnumbered your profits, then think a hundred times, if you will still continue or just leave trading for good.



Title: Re: Know when to stop
Post by: borovichok on December 16, 2023, 08:28:50 PM
As long as you know when to stop and when to continue trading, then you know exactly what it means to trade. However, I still hold on to the idea that sudden stop from trading is not a good attitude for such traders. If you keep doing that, you will never develop your skills and strategies in trading, and you'll never be a reputable trader in the long run. But if you keep seeing your losses have already outnumbered your profits, then think a hundred times, if you will still continue or just leave trading for good.
Do ensure to stop trading when you're losing consecutively. We sets good standards inother to grab our profitable revenue in the system. Leaving trade doesn't actually mean one is scared or doesn't have the experience to trade, but there are trades we just have to close inother to escape liquidation. Anticipating in solid projects will boosts our chances of earning and withdrawing good profits in the system. Trading is good but knowing when to stop is basically important and necessary for all traders that have potentials of succeeding in the system.


Title: Re: Know when to stop
Post by: LogitechMouse on December 16, 2023, 10:47:14 PM
~
To sum it off, JUST STOP TRADING at all. :D
High-quality trades? More complicated market setup? What do you mean by this?

Learning when to stop is needed when it comes to trading. If you feel that you aren't ready then trust your instincts, and follow your strategy (if you have). Having a stop-loss might help you if you feel that you entered at the wrong time because of wrong decisions. Nah just stop trading because it's too complicated for newbies. You need to learn many things like controlling your emotions, knowing when to use stop-loss, and many more.

Anyway, I'm just kidding but TBH, I already stopped trading because I lost all of my capital 3x already, and that's too much for me. I already realized that trading might be not for me, and I hope those who are continuously losing money in trading will realize that as well.


Title: Re: Know when to stop
Post by: salad daging on December 16, 2023, 10:51:57 PM
Therefore you must be able to do risk management otherwise your trading will be messy and more losses than profits.

In trading if you can't control emotions then this will be worse when you continue to experience losses and want to continue while the skills are no longer enough, trading requires patience and mental resilience especially in looking at the chart patterns that have been made if it doesn't match then you will feel emotional because it's not in line, especially never be greedy and set your profit at a percentage so you don't get caught in the situation.


Title: Re: Know when to stop
Post by: mirakal on December 16, 2023, 10:59:36 PM
It's best to engage in trading when you actually know when to start trading and when to stop trading. There's always choices provided for you but you should only make the best choice and  reevaluate if that decision is reasonable or not. As far is trading is concerned, everyone who trades has the greed to earn money but not everyone is given the opportunity to make profits. If you see it consistently happening, then it's better to stop trading to avoid future losses as well.

However, not all those who kept failing in trading has the courage to finally stop trading. Some still continue to trade and chase for bigger profits even if it means additional losses on his part.


Title: Re: Know when to stop
Post by: TelolettOm on December 16, 2023, 11:59:37 PM
In other too be successful in trading we should know when to stop,  stop when you have a big loss, stop when you are now making emotional decisions, stop when your losses have gotten to your head, stop when your confidence is low, don't ever try to get back at the market (revenge), don't trade as if you are gambling, stop when you don't have a clear insight of the market because there are countless opportunities in the market, don't blow your account trying to get back what you have loss.
Actually, this is quite complete about what you "Don't" do. Indeed, stopping is very necessary in trading. We must know when to stop and must also take action as soon as possible. Not only understanding enough, but also taking action to stop immediately will also have quite a good impact. Because however, when we really understand and are willing to go through this process of stopping, we can manage ourselves so that we don't fall into addiction and bad trading habit without any research previously. because one of the most significant features of addiction is when we are unable to control ourselves to stop, and we let it continue until we fall into the addiction. This is what it is made of. because the effects of addiction can be very complicated. What's more, when we know how to stop, it doesn't mean because we just lost, but when we get profits from trading, we need to stop first and then be able to withdraw the results. So at least we have recovered our capital and got enough money first.


Title: Re: Know when to stop
Post by: Assface16678 on December 17, 2023, 03:06:15 AM
As long as you know when to stop and when to continue trading, then you know exactly what it means to trade. However, I still hold on to the idea that sudden stop from trading is not a good attitude for such traders. If you keep doing that, you will never develop your skills and strategies in trading, and you'll never be a reputable trader in the long run. But if you keep seeing your losses have already outnumbered your profits, then think a hundred times, if you will still continue or just leave trading for good.


Do ensure to stop trading when you're losing consecutively. We sets good standards inother to grab our profitable revenue in the system. Leaving trade doesn't actually mean one is scared or doesn't have the experience to trade, but there are trades we just have to close inother to escape liquidation. Anticipating in solid projects will boosts our chances of earning and withdrawing good profits in the system. Trading is good but knowing when to stop is basically important and necessary for all traders that have potentials of succeeding in the system.
But even if we provide this kind of advice or topic, many people or traders cannot remember this kind of advice when they are in this situation. It takes a lot of dedication and strong will and mind to stop trading when they face a losing point, or what we say could push us further just to recover the loss or trading using emotions. If you have a high level of self-control and discipline, yes, you could stop anytime and accept the loss and pain, but the thing is, humans are vulnerable to these things; they tend to be weak and be swayed by their emotions, so it depends on the traders themselves if they can manage themselves. 

Im sure even expert and experienced traders could experience what the OP stated because that is the nature of humans or us, so its up to us how we can cope and what decision we will make.


Title: Re: Know when to stop
Post by: EarnOnVictor on December 17, 2023, 08:49:32 AM
Is this a self-moderated post or something? I could remember yesterday that I was the first person who post here. I even appreciated the post and advised you to rearrange it very well promising you merit afterwards. But I can't find the post here again. Even your status is not sufficient to open a self-moderated post if I am correct. Any explanation for that? 

Besides, I am glad you made an arrangement as advised a little and the merit has been delivered as promised to encourage you. The post is small but very good to speak to the psychology of traders as most traders are losing because they do not know the right time to stop indeed and are battling with emotion. Maybe reading your post will again be a reminder for them that trading is not a do-or-die affair, we should know the time to trade and the time to stop trading. By trading only when they are sure and with their right senses will go a long way in helping them.


Title: Re: Know when to stop
Post by: Barikui1 on December 17, 2023, 09:03:25 AM
Is this a self-moderated post or something? I could remember yesterday that I was the first person who post here. I even appreciated the post and advised you to rearrange it very well promising you merit afterwards. But I can't find the post here again. Even your status is not sufficient to open a self-moderated post if I am correct. Any explanation for that? 

Besides, I am glad you made an arrangement as advised a little and the merit has been delivered as promised to encourage you.
Thanks, I really do appreciate for your encouragement. I didn't delete anything, i just made another post entirely, you can still find the other post in trading discussion and the title is the best decision you can take.


Title: Re: Know when to stop
Post by: knowngunman on December 17, 2023, 09:40:24 AM
I totally disagree with you, trading is a craft that you must learn in other to be successful in it, once you have masters the craft, you will always be profitable, even though you will encountered some losses at some point, but you will still be profitable because you knows the craft,  while gambling is a different ball game entirely, it's a game of luck, it's only newbie and less skill traders that sees trading as gambling, please be guided.

So what exactly is your point? I quite understand that trading is more or less of gambling with just a slight difference but saying always profitable when you master the craft is totally misleading. Of course, we can take time to learn about trading and how to manage the risk but first of all, it's not even possible to master the craft and even if you manage to learn and know a little about trading, it can not constantly keep you in profit and the losing probability is higher. By the way, what makes you think that trading is not gambling when gambling is  An activity characterised by a balance between winning and losing that is governed by a mixture of skill and chance, usually with money wagered on the outcome. (http://gambling (http://en.wiktionary.org/wiki/gambling)). Trading is a gambling in another level that requires skills if you want to make some profit.

Therefore you must be able to do risk management otherwise your trading will be messy and more losses than profits.

In trading if you can't control emotions then this will be worse when you continue to experience losses and want to continue while the skills are no longer enough, trading requires patience and mental resilience especially in looking at the chart patterns that have been made if it doesn't match then you will feel emotional because it's not in line, especially never be greedy and set your profit at a percentage so you don't get caught in the situation.
This is where many traders become troubled because not all of them have the ability to control their greed to print more dollars and controlling their emotions when they are in complicated situations and some of them end up ruining everything because of these two. Not definitely easy to do for experience traders not to talk of newbies in the system and you can not bear a trader if you can not manage them properly.


Title: Re: Know when to stop
Post by: Y3shot on December 17, 2023, 11:05:32 AM
This is a rule in trading that beginners should not take for granted. It is important for people to understand when to enter the market and when to stop trading. Many traders have lose in trading because they want to make money from trading by all means and they continue with the trade. Greed is very dangerous to trading that traders needs to be very conscious about, the consequences of greed lead to lose. It is important to know when to stop trading.


Title: Re: Know when to stop
Post by: lombok on December 17, 2023, 01:15:57 PM
I once heard from a famous investor,

"Reduce your buying and selling activities and you will get big profits"

"buy and stay asleep for 20 years" - buy and don't check or look continuously, this will disturb your emotions and trading due to emotional decisions.

It is better to buy and sell with low intensity, buy and hold and then sell when the price rises to tens of thousands of percent. Of course, this will provide emotional stability and avoid trading emotionally and causing losses.

But again, this depends on each individual. "Don't fight the market with emotions or you will die!"


Title: Re: Know when to stop
Post by: Dickiy on December 17, 2023, 02:01:26 PM
Of course, if the situation has begun to heat up, or that means your brain and mind have begun to feel significant pressure due to the losses you have experienced in the session then obviously at that time there is no other way but to stop and rest, it doesn't matter if indeed in that session you have not been able to reach the target you have planned but what is certain is that safety is more important than anything else.

That is why risk management is very important in terms or your involvement in the world of trading, setting stop los and take profit will be very useful and help you to avoid significant losses that can certainly make your trading plans and involvement fall apart, on the other hand it is not uncommon for me to see many who fail in situations like this, or that means they cannot control their emotions so that they act out of control and instead place trades with a much higher level of risk with the aim of breaking even or recovering losses in the previous time, but usually these actions lead to worse conditions and even MC. So the bottom line is that you need to be able to implement a very good risk management according to you and also always keep yourself mentally and psychologically which will certainly push you to a consciousness that can prevent you from acting out of control.