This segment discusses how playing smart defense with your trading account can enable you to take advantage of opportunities and allow you to generate profits from them. Great players play great defense and so do great traders.
Little kids playing basketball are only interested in shooting and not playing defense. The best players though, like Michael Jordan (who is 3rd on the all-time steals list), know that playing smart defense can lead to easy points (and some spectacular slam dunks). It's the same in trading.
First discussed is when we want to play defense and what that means. Some examples of both when we want to get defensive and some defensive trading strategies are provided. The strategies cover various scenarios and both defined and undefined risk scenarios. Finally, the question of,”When do we close the trade and take the loss?”, is answered.
Watch this segment of “Best Practices” with Tom Sosnoff and Tony Battista for information on how and when to play defense with your portfolio to stay in the game and profit from the eventual opportunities that the markets provide.
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