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Why should you bother with risk management in your trading career?
Because focusing on risk management can be a complete game changer to your portfolio especially when it applies to position sizing.
The numbers do not lie; Fail to respect risk % and position sizing and you will have a short lived trading career.
For those of you that have been trading for a while, you may already understand how vital managing your risk is. For the new trader, this is something you must understand long before you worry about mastering any trading system or, more importantly, placing your very first trade.
Even experienced traders should be constantly refreshing the basics and in this article, I am going to cover:
1. Why you should focus on risk management
2. How you can lessen the impact of losing streaks and draw downs
3. 3 steps to ensure proper risk management
After fully understanding those, we are going to get practical with two important things you can do to enhance your chance of success:
4. How to calculate your position size
5. The simple step you can take so you never forget about risk
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