Embrace the risks associated with trading
- Accept the risk.
Acknowledge that success in trading is not guaranteed and that one must be prepared to accept the potential losses that come with it.
- Identify the risks.
Consider the environment, people involved, and potential outcomes when making decisions to identify the risks associated with them.
- Assess the risks.
Evaluate the likelihood of the risks occurring and the potential impact of the risks.
- Control the risks.
Implement strategies to reduce the likelihood of the risks occurring and to minimize the impact of the risks.
- Monitor the risks.
Regularly assess the effectiveness of the risk management strategies and take corrective action if necessary.
- Understand the concept of accepting the risk.
Accept the consequences of one's trades without fear or emotional discomfort.
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