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Let's face it. I took almost 80 pip loss on today's trade after
hard-work-no-gain net +5 pip trade.
Three questions to ask when I start to lose in trade:
1. Was I keeping my rule?
80% yes. I constructed scenario, and defined the condition that would
keep the position valid. The risk is clearly defined, and potential
reward justified the risk taking. I did not move my stop order in the
direction that increases the loss.I did not average loser.
One thing I need to reflect on: Was the trading span (from entry to
exit) too short? Probably yes, and it demanded too much attention
during the day.
2. Am I reducing the bets?
Yes. I am keeping the max loss as small as 1% of the capital until I
start to win again.
3. How much am I disturbed emotionally?
I would say 25%. The loss level is well under control. Not thing is
threatening my capital. But I am a human, and of course feel bad when
I had to take the loss.
I seem to be doing fine, and I can continue with a little caution. I
am currently drawing EURUSD price course as in the labels of the
chart, and keeping my short position from 1.4775. Stop is 1.4850.
I will close the chart and take a rest for tonight.
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⌚TIMESTAMPS
0:00 Intro
0:20 Risk Identification & Risk Analysis
0:41 Risk Evaluation & Risk Treatment
1:00 Risk Monitoring & Documentation and Reporting
1:21 Review and Improvement
1:32 Conclusion
1:42 Outro
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Predict360 Enterprise Risk Management Solution
Risk management is required to guarantee that your company has a safe and secure existence. Predict360 Risk Management Software, using the 360factors platform, ensures that managers constantly have an awareness of enterprise risk on a single platform. New threats are represented in all risk indicators immediately and are available to all authorized stakeholders.
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Showcase an organizational key risk measure against the tolerance level, and monitor and communicate the various risks that impact your project and processes using this fully customizable risk control dashboard PowerPoint template. You can also use this PPT template to track and manage risk in your business. Explore Now: bit.ly/3Ue7SR7
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The RCSA procedure is crucial for financial industry firms. Risk and Control Self Assessments assist firms in identifying problems that are occurring throughout the enterprise. The goal is to guarantee that if a weakness in the management framework or a controlling risk is not operating correctly, it may be identified and remedied.