More important than figuring out entries and exits is knowing how to position size. 

Newer trades should focus on this more than anything else. 

Bruce Kovner was quoted in Market Wizards as saying (I'm paraphrasing) whatever you think your position size is, cut it in half, then do it again.

You might not make as much when your trades take off, but it's more important as a trader and speculator to play superior defense. 

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