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| Choice of position size must reflect more than the odds that your trade will succeed. It must also reflect your level of experience. The best way for inexperienced traders to stay out of trouble is to trade small size. Too often, the lure of big profits pushes newbies to trade size well above their risk tolerance. Margin accounts don't force traders to trade margin. Size is strategy and each position has a right size, independent of the trader's own account. Increase position size when you're on a roll. Reduce it when you're experiencing drawdowns. Spend your first few months or years learning to trading well, and don't worry too much about making money. |
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