Tip #15   Have an exit strategy

That is, place a take-profit order and a stop-loss order when opening a position. Not having an exit strategy is a recipe for disaster. Don’t leave your account to the vagaries of nature. Just as you set goals for yourself in life, set goals for each trade you take. And, of course, you will always want to have a Plan B, right? Plan A is your target (take-profit order, or TP), and Plan B is your stop-loss order (SL).