The greatest boxer of our time can't punch worth a lick. So why is Floyd Mayweather one of the greatest boxers of all time?
It is because he is a defensive prodigy. He protects himself. The man is a risk management wizard.
Even the most aggressive leaders understand that you can not go haphazardly into battle with your guns blazing. Before going on the offensive, you must protect yourself. Master strategist Niccolo Machiavelli gave us the following trading quote because he knew that the best offense is a great defense:
Men rise from one ambition to another: first they seek to secure themselves against attack, and then they attack others.
Machiavelli and Mayweather lived by these words, and so should a winning trader. As traders we must protect our capital from those trying as hard as they can to take it away from us.
How do we protect our trading capital? It's actually quite easy if you stick to these rules:
Always enter a trade with a game plan. I know my entry level, target and stop before entering every trade.
Adhere to strict risk management rules. The amount you risk should always give you a 1:2 ratio in relation to your potential gain.
Religiously cut losses and let winners ride. Don't settle for small wins and big losses.
Always seek value when entering a position. Do not chase entries and enter as close to support levels as possible.
Never risk more than 2 percent of your account on any give trade. Go big or go home does not apply to traders.
When I analyze a setup, before I even consider the target and potential profit, I scrutinize how much I can lose. This is the opposite of what most amateur traders do, and is the biggest reason most traders lose money.
Never forget Machiavelli's trading quote: protect, then attack.
The 100 Quotes To Put Into Action and Change Your Life Series:
Quote 1: Nehru on Caution as Risk
Quote 2: Bruce Lee on Creating Opportunity
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