What Kind of Stop Loss Should You Use?

First off, if you are watching this video (or considering), then you are so far beyond most traders it is crazy…meant as a compliment! Most beginner day traders have no idea what a stop loss is. When I was getting started in the stock market as a day trader, I was solely focused on being a great winner and figuring out how much money I could make! To be fair to myself (and you if you are doing the same), winning and making money is the exciting part! It’s why we want to become day traders in the first place! No one is deciding to get into day trading to lose money! In fact, it would make you an irrational person if you said you wanted to get involved into day trading so you can lose your hard earned money. Um, what? haha! This is why becoming consistent as a day trader is so challenging. The truth is, we should be focused first and foremost on losing and controlling/managing our risk. This is why you choosing to learn more about a “stop loss” is a huge step in the right direction within your trading journey. Trade management is probably one of the more boring concepts to learn about; however, it’s the one that will allow you to survive and, ultimately, thrive as a day trader. There are a couple different approaches to stop losses and which can/should be used, so this is what I want to share with you in this video! Let’s get to it!