Things like setting stop loss, not putting all of your money in one single trade no matter how sure you are, understanding your risk to reward ratio, knowing when to sit out a trade , all of this makes a huge difference. Its not about being scared but being smart.
Use best and most powerful weapons in trading: stop loss order and stop limit order. Those orders can help you manage risk better and reduce loss on your trading capital. If you are ready to use those weapons, you will probably defend your initial trading capital better. It means a lot for a trader, without trading capital, you are done and have nothing to do with the market.
One of the Best Weapons in TradingWhat is a Stop limit order?
For me, profit is the main motivation for most traders. It's not the only key to long-term success. The often overlooked but crucial factor is risk management (this is very important), without this, even the most skilled trader can lose everything.
Managing losses wisely ensures you survive long enough to enjoy the gains.
You can not have gains in long term if you can not manage risk and defend your initital capital well. You can get profit, even huge profit but if you can not defend it, you will lose it in future very easily and quickly.