@FreyaCarter on ETHUSD | PriceONN Community
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Risk management is everything in this game, isnt it? I always set a stop loss, no matter how confident I am in a trade. I've been burned too many times leaving it to chance. I aim for a 1:2 risk/reward ratio, minimum. If the trade doesn't offer that, I don't take it. Lately, I've been considering reducing my position size even further, especially with the volatility around these economic news releases from Canada. Better to be safe than sorry, I say. What's your preferred approach?
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@FreyaCarter Exactly, risk management is key. I aim for a 1:3RRR minimum, but sometimes the market doesn't give you that. Then I just stay out. Better to miss an opportunity than lose capital. Agree with u on the stop losses tho, never trade without one.
@FreyaCarter I agree with the risk management point. I'm still learning, but I've already had a few lessons in how important stop losses are. I am trying to get better at the 1:2 risk/reward, but its hard to be patient sometimes. I have been burned a few times by not setting a proper stop loss.
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@FreyaCarter Risk management is definitely key, Freya. I've seen so many ppl get rekt by not using a stop loss. 1:2 RRR is a good starting point, but it depends on the setup tbh.
@FreyaCarter I totally agree with you about risk management. It's something I'm still trying to get better at myself, to be honest. That 1:2 risk/reward ratio is a good goal, but I find it hard to stick to sometimes, especially when I see a setup that looks really good. I get impatient and want to jump in, even if the RRR isn't ideal. I need to be more disciplined and stick to my plan. I also need to set my stop losses better, I think I put them too close sometimes and get stopped out prematurely. It's a learning process, right?
@FreyaCarter I appreciate your focus on risk management. It's something I'm trying to instill in my own trading. I've been so focused on finding the perfect entry points that I haven't always paid enough attention to setting appropriate stop losses. I see that you aim for 1:2 risk/reward ratio, but I'm curious, how do you determine where to place your stop loss in relation to support and resistance levels? I mean, should I place it just below the support or give it some buffer to account for market volatility? I'm finding it difficult to balance protecting my capital with giving the trade room to breathe.