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The Way to Trade: Discover Your Successful Trading Personality by John Piper

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Chapter 7: MONEY MANAGEMENT

I often say in my newsletter (TTT) that Money Management (MM) is far more important than analysis. But I have never given a practical example of how this should work. This chapter is designed to remedy this omission.

It is easy to demonstrate that MM is far more important than analysis. A total lack of MM would mean risking everything on any one trade. You might have the best analysis system in the world and get 99 straight trades right but that 100th trade would wipe you out. On the other hand you might have the worst analysis system in the world. If so a proper MM system will quickly reveal this fact which ...

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