Position management and risk management are extremely important.

When you take risk, it is OK to be wrong, knowing that when you are right, the winners are 2X – 5X larger than the losers.

We will take shots and miss (GBPNOK is the perfect example), but when we are wrong, it is extremely important to stick to your stops.

Lose 1X make 3X, that is the idea.

One of my favorite sayings in trading: “Losers Average Losers”

We do not cost-average.