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Knowing when to step back is its own skill, and it might be the one that matters most.
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Options are one of the few instruments that can be structured around all three - the skill is knowing which setup fits which situation.
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Every trader remembers their worst loss. The good ones just don't let it become their last.
"Learn to take losses. The most important thing in making money is not letting your losses get out of hand." ā Martin S. Schwartz.
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