You should always have a worst case point. The only choice should be to get out quicker.

Trading decisions should be made as unemotionally as possible.

You should always have a worst case point. The only choice should be to get out quicker.

A good trend following system will keep you in the market until there is evidence that the trend has changed.

I could trade without knowing the name of the market.

You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can't afford to do is throw away your capital on suboptimal trades.

I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.