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I can’t decide for you (the trader) on how tight or wide your stops must be, but I can explain how they (tight or wide stops) will affect your trading. And during the process of explaining their differences, I hope to guide towards better stop placement. This is discussed next.
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Mastering the Market Cycle: Getting the Odds on Your Side, is book written by legendary investor and co – founder of Oaktree Capital Management, Howard Marks. As the book’s title implies, its emphasis is mostly on different market cycles and how to make them work for you. But the book also contains many other market wisdom, such as his opinion on uncertainty and risk in markets.
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The Relative Strength Indicator (RSI) is a technical indicator that was created by J. Welles Wilder and is explained fully in his book, New Concepts in Technical Trading Systems.
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See daily chart of EURCHF below for the discussion that follows.