Minimizing Trading Risk through Proactive Threat and Error Management
“Mishaps are like knives that either serve us or cut us as we grasp them by the blade or the handle.”
— James Russell Lowell
As an ex-military helicopter pilot I was taught to operate effectively within an environment of risk. Failure to appreciate risk within the aviation environment, whether civil or military, can potentially lead to dire consequences – injury or loss of life, damage to or loss of aircraft or other equipment, mission failure and almost irreparable damage to public image or unit morale.
The risk in trading is different, but the consequences of trading failure are no less severe. Not only are you are placing your money on the line, but you’re doing so in an even more difficult environment, where uncertainty prevails and what worked yesterday may not work so well today.
Failure to appreciate risk in the trading environment can devastate not only your financial future, but also that of your family. Trading is a serious business!
The good news though is that success can be achieved if you’re willing to put in the required time and effort.
The focus of this article is on one of the key steps that I believe a professional trader must take, in learning to respect the dangers within the market environment and learning to proactively manage your business in order to minimize risk and maximize opportunity.
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