240827: Non-Negotiable Risk Management

This was my third trade since coming back with a refined strategy focused on non-negotiable risk management. After narrowly hitting a StopLoss in my previous trade 250824, I continued targeting a downtrend toward $61,000.

• Entry: $62,100
• StopLoss: $62,500
• TakeProfit: $61,000
• Risk/Reward ratio: 2.75
• Position risk: 1.90%

I monitored the price action in real-time, adjusting my Take Profit to follow the downtrend, and managed to exit at $60,505, securing a Risk/Reward ratio of 3.99.

Trades like this keep the motivation high and offer valuable lessons on managing these situations effectively.

Now, if I had left my Take Profit at $61,000 and walked away, I’d have locked in a smaller profit.

Alternatively, I could have removed my Take Profit overnight and let it ride to $58,000 for a bigger gain. But that would’ve violated my updated strategy centered on non-negotiable risk management.

In this game, there's no room for negotiating with risk.

Take your profit, and move on to the next opportunity.