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  5. Always understand the risk/reward of the trade as it now...

Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on. Some people say, "I was only playing with the market's money." That's the most ridiculous thing I ever heard.

Bill Lipschutz
People, Risk, Rewards
"The New Market Wizards". Book by Jack D. Schwager, 1992.
Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on. Some people say, I was only playing with the market's money. That's the most ridiculous thing I ever heard.