The Secret to Using Stop Orders to Take Profits

This week we talked about different order types and how traders can use them to maintain a level of control over their trades even when they can’t watch the markets. They can assess their downside risk tolerance ahead of time and set their stops orders accordingly. But we didn’t really cover one of the most important – and perhaps most frequently issued – types of orders.

Stop orders.

A stop order is an order to sell a security at a given price. Some traders use dollar-based stops, others use percentage-based stops (not to mention the all-important trailing stop, which adjusts to lock in profits as your trade moves up or down).

But here’s the secret not a lot of traders know…

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Find Out What Type of Trader You Are… and Why It’s Crucial to Your Success

All over social media there are numerous quizzes and surveys that ask you to go through it to find out what your spirit animal is, what your ideal man/woman is, what your favorite pet is, what superhero you are…

But here’s one that’s much more interesting and useful!

When it comes to trading, determining what type of trader you are will help dictate what type of trading strategy you use and how often you use it.

The good news is, it’s pretty easy to figure out what kind of trader you are. In fact, it’s almost as easy as taking a quiz on social media… except it can be a lot more lucrative too.

Today, I’m going to tell you how to determine what kind of trader you are, and why it’s absolutely crucial to your success in the markets…

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