New traders get knocked out of the game because they don’t take their stops. You probably heard that 5000 times if you spent even one hour researching the topic of trading. As a matter of fact, there is even a special division of hell saved just for traders who don’t take their stops in case you weren’t aware of that. But here’s another one for you and perhaps my favorite saying. Experienced traders go broke because they do take their stops. 

There is a right way and a wrong way to handle the placement and management of your stops. More money is likely lost in trading through not understanding this concept than anything else in my humble opinion. That’s why it’s a big part of what I teach. I’m not sure I can ever get into that much in one of these podcasts as it is a very detailed part of learning to trade. But regardless of whether you do it right or wrong there always ends up being that moment in time where you have to hit the exit button, or have to pick that exact number to the penny which will be your automatic exit. What I want to talk about in this podcast is what happens when you decide to let your stop go. Even one penny. This is perhaps the utmost important of topics going into the rest of this year.

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