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Risk Management Techniques:
đ Stop-Loss Orders:
These pre-defined orders automatically sell your position if the price reaches a certain level, limiting potential losses. (You included this in your strategy, which is good!)
đ€ Position Sizing:
Allocate only a small portion of your capital to any single trade, especially when using leverage. This helps minimize potential losses if the trade goes against you.
đ° Take Profit Orders:
Similar to stop-loss orders, but these automatically sell your position when a target profit level is reached, locking in gains. (You included this in your strategy as well!)
đ€Ż Risk-Reward Ratio:
Always consider the potential reward (profit target) compared to the potential risk (stop-loss level) before entering a trade. Aim for a higher reward-to-risk ratio (e.g., 2:1 or 3:1) to improve your odds of success.
đ Discipline:
Stick to your trading plan and avoid emotional decisions. Don't chase losses or overstay a trade hoping for a reversal.
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