I have learned the money management risk situation the hard way. I am limiting my trades down so that I am only risking 1 and sometimes 2% of my account. I just got a bit over confident since I was doing well for the last month. Started hammering away at this trade and averaging down over and over again and ended up getting burned. I hate when that happens!!! I still didn't lose more then about 5% of my overall account I am just pissed that it happened. Just want to analyze the situation again and come up with a clear plan before I start trading again. I am treating this like a real business...not really looking for huge profits just trying to learn. Even if I do end up blowing thousands I'll consider it tuition. I paid sfu thousands to teach me pretty much nothing anyways
the exit strategy is a bit difficult at the beginning but easy enough. The stop loss is the worst thing possible in this market. Sudden spikes up or down will take your stop loss out and make you lose money when you wouldn't have otherwise but sometimes you'll get caught in a huge run up or down and with no stop loss you'll lose so its kind of a lose lose situation lol