Milex32 posted: One of the Money Management tips that I personally follow is the 2% Rule. It suggests that traders should not take a risk of more than 2% of their total account balance for every trade.
Hello, buddy! This rule is really useful. I too use this.
You may be working really hard but if you don’t know how to use your money, you won’t be able to achieve what you want. Basic money management skills are important and you must never risk more than you can afford to.
In Forex, knowledge is considered to nothing. Education is now quite easier than before because of the availability of internet. Read online e-books and watch video tutorials to flourish your knowledge.
There are so many professional traders suggest to take a risk not more than 2% from initial investment, with tight risk management hence will increasing opportunities open new order again when first trade get fail. Traders also can use pending order to manage tight risk management.
LyudmilLukanov posted: In Forex, knowledge is considered to nothing. Education is now quite easier than before because of the availability of internet. Read online e-books and watch video tutorials to flourish your knowledge.
Yes, even I have gained a lot of knowledge from e-books and tutorials which are available online. I feel its all about the interest to progress and upgrade one's knowledge.
davesper posted: I strongly advise you to think several times and calculate different options. Often people do not pay attention to this, and then the results are not the most positive.
this is strong advice. Newbies should keep their options and mind open to adapting to change and learn how to pick the right opportunities. To receive positive results, traders need to get their timing right. After all, without time and money management, it is tough to earn profit on a regular basis.
For a trading career to be successful, money management is essential. You're setting yourself up for failure if you don't have a reliable system for controlling both your financial resources and your risks.
Risk-per-trade strategy in forex trading is among the most significant money management strategies. As a general rule, don't risk more than 2% to 3% of your account on a single trade to ensure that you have sufficient capital to withstand the effects of a string of losing days.
The most important thing, after analysis, is money management. We are soon going to lose everything if we don't properly handle our money. Most people don't give risk and money management much thought. They play idly.
AbbasAliKhan08 posted: but the main problem is , to build a powerful money management need a long time experience with gre4at level of patience. so traders lost inter after passing sometime.
Yes, it is hard to keep the discipline to work based risk management plan, however, discipline is required to shape a successful trading strategy. Traders need strong psychology to keep discipline trading.
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Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
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