The conditions required to become an excellent trader.
In trading, one of the core aspects is the exit, which determines the final outcome of the trade. There is a widely circulated saying in the trading community about exiting: cut losses, let profits run. Everyone understands cutting losses: it means decisively stopping losses when they occur; unconditional stop-loss is one of the essential subjects in trading, and only by achieving this can one have the opportunity to proceed to the next step.
Letting profits run is difficult: it actually refers to how to handle profitable trades? Should one blindly hold onto profits indefinitely? Or should one exit after a certain level of drawdown and re-enter at a new high? How is the level of drawdown involved?
With a fixed stop-loss level, after securing some profits, one should start designing ways to protect those profits. This method has the highest win rate; a high win rate with a small profit-loss ratio is what qualifies someone as a competent trader.
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