Quote from: qwertyup23 on Today at 10:24:44 PM

Quote from: Mpamaegbu on April 18, 2021, 02:54:19 PM

Besides, beyond all that the OP has stated in respect to risk control and money management is the issue of "Patience" and "Emotional control". I will go with the trader with a 1/5 risk to reward ratio even though the win rate is small. What that means is the trader will tend to be more selective of trades to execute and not just be in every trade.

Just like by trading stocks, there are certain indicators that will help you decide on whether to pursue a trade or not. You must indeed have, a risk control management in order to get out of the stock before the value plummets down in the market. But in reality, it is easier said than done as these indicators are not absolute information that will give you 100% knowledge.

Trading stocks or cryptocurrencies involve risk that one should take into consideration before delving into it. There was a published article that 97% of day traders lose money in their first month of trading and the other 3% make money, LINK, as much as a bank teller.

The chances are very unfortunate but I don't rely on it. I may not discourage people to go into trading if they want because if they want to learn and able to change their mindset, they will surely find a way to succeed.

97% is a huge number, can say most of them are noobs which trying to prove themselves and pretending that they are good but somehow, that brought them to a tragic loss. And this means that we never have to underestimate trading and we have to keep in mind that this is not an easy job, and it is certainly be needing control and risk management.