Your #1 job as a trader or speculator is to play superior defense. “Your first loss, is your best loss.”
Bad news becomes worse news, it rarely gets better. Offset the risk and then you can think with a clearer head.
Don’t lament over a losing position when your emotional and financial systems are shocked. Use you entry rules to get back in. That’s the best you can do today.
Your main goal is to preserve your capital and play superior defense. I’m not a big fan of band-aid positions – to me it’s black and white. You’re making money or you are not.
Follow you rules, but have a circuit breaker that you enact when an outlier event hits one of your positions.
Trade options? Get Tony Saliba’s Playbook
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