Stop Orders

Whenever initiating a position, always  make sure to have a stop order in to protect yourself.  All off-the-floor traders should also use stop orders to protect themselves and their open positions.  You  don’t want to end up like the stock market traders who’ve failed to use  a stop order and then lost 20-25% of their account in a single trade  with only one contract (in the S&P 500 Futures).