I think this is a well detailed information about knowing when to trade and when not to, and also to understand every angles around it. I solely agree to this and I believe adherence to this can actually amounts to a limits of loses and knowing fully well how to handle every aspects that creeps in while trading. I know most times alot of traders are always at the brims of making the money quickly but failed to understand what's involved and follow the process and again since we don't plan to get a loss this year I believe one should embrace this procedures and help to minimize Losses while trading.
No matter how smart anyone think they are the market will always take its share no matter how good you analysis of the market the only thing that can happen is for you to recover what ever you have lost during the trading and it is a very complicated issue when you swell to much on those loses because of how humans are designed we don't want to lose we always want to gain but it is when we see life beyond that is when we are going to be able to succeed.
When we have clear minds on how we want to manage our self during trading and risk is something that we can take at our own disposal and we know that we can not always win that is what risk is all about when you are able to do unmeasurable things. When you control your greed has a trader this is another infection that traders deal with and very hard to treat and when you are able to treat it then you have lesser issues to deal with concerning trading, too many challenges to deal with as a trader.