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The best way to maximize your profits is to be prepared to give some back to the market. When most traders first hear this, they are a little taken aback. Why would you give any of your profits back to the market? Because you are never going to be able to exit right at the peak of the trend. But you can still stay with the trend as it develops, and let your profits run. Then, when the price turns, you can exit.

Position sizing is where all the tools of money management come together. It’s perhaps the most important part of your money management rule. Position sizing is simply deciding how much you are going to put into any one trade. You can calculate your position size using the other tools of money management, your maximum loss and your stop loss.

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The 2 percent rule is a powerful tool in trading. By adopting this rule you`re using a strategy that decreases the size of your losses during losing streaks, an important consideration. There is, however one small caveat that you need to be aware of when using the 2 percent rule to calculate how many shares you are going to buy. As you know, the number of shares you can purchase is determined by your maximum loss and the size of your stop.

Studies have shown that you should never risk more than 2 percent of your float on any trade. Why 2 percent? Well, in fact, many professional traders will tell you that 2 percent is too much. They`ll risk 1 percent or even as little as a quarter of a percent on any trade. Whatever percentage you pick, the idea is to ensure that no one trade is really going to affect your trading float, positively or negatively.

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When you first begin considering your stop losses, keep in mind this comment from Tom Baldwin, a leading day-trader. He said the best traders have no ego. Successful traders are faced with losses constantly, and they swallow their pride and get out of the position when they have to. This allows them to survive in the market long enough to be successful. They set their stop loss, and then stick to it.

How do you go about setting stop losses?

When you first begin considering your stop losses, keep in mind this comment from Tom Baldwin, a leading day-trader. He said the best traders have no ego. Successful traders are faced with losses constantly, and they swallow their pride and get out of the position when they have to. This allows them to survive in the market long enough to be successful. They set their stop loss, and then stick to it.

How do you go about setting stop losses?