I reiterate time and again that the rule of trading is not to put all your eggs in one basket, even if a supernatural being tells you the outcome. ✨
Never trade without a stop loss❌, no matter how fantastic the technical setup or any fundamental news may be. Anything can happen contrary to your expectations.💯
The advantage of good technical analysts is that even when your analysis goes wrong, they save you from significant losses because you use stop losses.
Learn to accept small losses. 👈👈👈👈👈
If you trade with a minimum risk-reward ratio of 1:2, you will still be in profit on average even if you are wrong more often. And if you get a higher risk-reward ratio setup, like 1:5, it compensates for many of your wrong trades. A 1:5 ratio means that your technical setup shows a profit of $100. If the trade goes against your analysis, you will only lose $20. People who do not use stop losses often end up losing their entire capital.