Only way you can be sure is to use the ‘guaranteed stops’ (maybe not even then?) that the likes of IG provide.
I (try!)) to keep overall risk (of all trades on all Bots & Manual) to less than 5% of equity (losing 100% of equity must not change our way of life! :)). Then ‘if it all goes wrong’ (and maybe risk goes to 10 or 15% of equity) I am not too worried and I can sit back (have a break from trading!) for a few days and wait until the trades come back in my favour.
You still need a plan with above strategy, for example, Index / Indices tend too rise over time so it would be scary watching your losses increase while the Index gets further and further away from your (Sell) entry point!
I smiled when I read below earlier tonight (Nicolas ref’d it on another post), it’s true! There are other useful, easily read and remembered nuggets on the site below!
https://www.andlil.com/en/trading-rule-number-1-lose-money/
I live in a state of perpetual doubt, I am no longer certain about the market’s direction (the market has put me in my place often enough to teach me that certainty on financial markets is a sure path to setbacks). Therefore, I calculate any possible loss first, I always take the most pessimistic position possible, I consider loss as a fact and profit as a possibility.
GraHal
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