A good trader knows from experience that over a period of time he may engage in more losing trades than winning ones.But money management, and a careful assay of the risks protected by realistic stops, will keep the trader out of trouble and ensure that on the "big" moves, he will profit.
Money management is composed of two essential elements: psychological management and risk management. Risk management stems from the psychological factors being truly understood by the trader and "in place" before risk is even considered.
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