Let me state the obvious: nobody likes to admit they’re wrong, particularly when the results is losing your hard earned money. In fact, if the previous statement makes you shiver in fear, then being a day trader is not for you! One of the most important requirements for day trading success is the ability to set your ego aside and be able to admit you were wrong. Why is this so important? Admitting you are wrong allows you to cut a losing trade and ensure it does not spin out of control. Risk management is a massive component to surviving in the stock market as a day trader. I know lots of people love to talk about “making money” (myself included), but in all actuality, the true secret to success is managing your risk. It takes money to make money in the stock market and if you lose all your money due to poor risk management, well… it’s going to be hard to make any money! Capital preservation is the name of the game, but it’s not easy to do. Nobody likes to lose money, but in this video I hope to show you the power of taking a loss. When you take a loss you are actually giving yourself more freedom and ability. Let me show you how this all works as I use some of my personal day trading results that I captured on video!
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