You bring up the salient points for the potential trader to consider. Roughly speaking, anyone can be a successful trader. History can teach us a lot about achieving success in trading. It also shows how various approaches are kindred to going out on a branch and failing when you come to the end of the branch. Paterno is a good example of getting mixed up when it comes to protecting trades. He faults when he relates protection to the trader's method. Why did he go out on a branch instead of sticking with climbing the tree towards success at an expert level. There are about a dozen different ways to deploy protection under conditions of risk. Each has its merits and deficiencies. None deal with establishing the relationship of protection with regard to the trader method. You can examine each of the dozen ways and see why none of them have the fault introduced by Paterno.
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