Hope for the best, prepare for the worst. Obviously, we can't control where the market moves, but we usually do have control over where, and when we get flat. Never put yourself in a position where you don't have an out. Not having a target or time-frame for a trade is often how a minor setback becomes a 5-alarm dumpster fire.
In this week's Tip of the Week, TopstepTrader's founder Michael Patak explains why it's so important to always have an out.
Any questions about trading or life in general? Let us know in the comments.