Episode 73 | Michael Katz - Day trader
A TRADER'S LIFE
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How Much Risk Do You Add to Your Position?
When do you open a second position? Do you wait until you've brought your stop loss to break even, something like that on your first position? Not necessarily. Let's say if it went against me, I would look for a major support level or some indicators that will tell me how the price should reverse. And if it goes to my favor, I will wait for a pullback to a previous support level and stuff like that. When you first started trading, what were the weaknesses that you spotted in yourself and how did you strengthen those? I guess I struggled just like anyone else. Too greedy to impose it. Not the greedier, but the fear of losing the money.
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