From what Billionaire traders/investors say, they always say the same think like
- Always protect your ass
- Never lose money
- Cut loss, and let profits run
If Michael do exists, and trade without stoploss, then I’m 100% sure that 1 day he has a chance to slip on a mistake, and blow out all his hard-work money in one single trade.
Put money management as king on trading, run your money on tiny risk. Never risk money more than 2% on a single trade. Never invest money that you can’t effort to lose on trading, I’d recommend to go for 10% of your cash.
Wish you to master trading skill soon!