The top priority when trading is risk management. Going in, know how much you can afford to lose. Wisely choose stopping points and adhere to the limits you set. If you know how to prevent loss, you will eliminate some costs. You must recognize losing positions in order to get ahead.
Especially don't let emotion change the rational decision you made about a stop point. Decide where your stop point should be, and leave it there. Oftentimes, the decision to move your stop point is made under duress or cupidity. These are irrational motives for such a decision, so think twice before performing this action. Doing this will probably cause you to lose all of your capital eventually.
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