The Essentials of Trading – From the Basics to Building a Winning Strategy : [PDF Download]

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“Before one should even start to think about trading, it is imperative to determine whether it is reasonable to do so in the first place. Trading should be done only with risk capital. Risk capital comprises funds that, if lost, would not negatively impact the trader’s financial well-being.

In simple terms, one should not put at risk what one cannot afford to lose. This is a hugely important point. A trader who is playing with money he or she needs to live on does not operate from a solid footing in many regards, not the least of which is the stress it creates and the impact that it can have on decision making.

Once the question of how much money you can afford to lose is addressed, another similar question must be asked. How much are you willing to lose? At first glance, one might think this is the same question. There is an important difference, though.

While some folks are risk takers who would answer the same to both questions, many people would not. An example would be the trader with $10,000 in available risk capital only willing to lose $5,000.”

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