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So many great points in post of @tpredictor that I was simply tempted to quote the whole thing. He has some great points about things going wrong internet down, can't find the broker's number etc. If your angels are with you and you can pray hard you can sometimes get bailed out without too much damage.
On the enter the wrong order buy versus sell - or forget to cancel protective stops - this stuff can happen - does happen.
So I read all his great points and sharing of experience and I thought
"most people will be thinking , yah ,yah yah and rush past it mentally and not slow down and say to themselves - how can I profit from this sharing of experience? - What safeguards can I put in place? How can I protect myself against disaster? "
This, rushing past the wisdom of experience, can be especially true for those new to trading and sometimes to the young.
---------- If you trade over any length of time, you'll see the markets can through many changes both structural, volatility, etc. So, that makes it difficult for a single market/single style trader.
I think this is true and this is why I said write out the answer to: "How will I know when the market has changed and my edge has evaporated?"
That's very true, and yet I have had to go myself through some of the things they warn you against: even if one reads about cautionary tales, sometimes the very experience of going through them yourself makes all the difference in the world.