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Money Management Systems.
Oct 15, 2020 at 00:38
Anggota Sejak Jul 19, 2020
788 pos
Money management is the backbone of trading. By money management, I mean to include every trade in the plan. No more than a 2% risk can be taken for each trade. If your balance is 1000, then you can trade at 10 cents, which means 1 cent for every 100. If the profit is like 20 pips, you have to bring stop loss at the entry point.
Oct 15, 2020 at 15:32
Anggota Sejak Aug 03, 2018
3 pos
Hi Aqissiaq & AliaDare and thanks again for the feedback.
I think you are only thinking of the trading side of things that I fully understand after trading for a number of years. However, what I am asking is more about how to manage your account system. For example adding in a system that stops you trading after you hit 50% of your previous days losses or reducing your trading risk after 1, 2 or 3 losing trades.
This is a big part in forex trading and is what moved me forward from a break even trader in forex. What I am trying to find out is what other methods or systems are people using in this area.
Thanks
I think you are only thinking of the trading side of things that I fully understand after trading for a number of years. However, what I am asking is more about how to manage your account system. For example adding in a system that stops you trading after you hit 50% of your previous days losses or reducing your trading risk after 1, 2 or 3 losing trades.
This is a big part in forex trading and is what moved me forward from a break even trader in forex. What I am trying to find out is what other methods or systems are people using in this area.
Thanks
Oct 18, 2020 at 13:41
Anggota Sejak Jul 19, 2020
751 pos
Money management is very important for trading. Don't risk more than 2% in a trade. Also I prefer not to open multiple trades at a time. If you open two trades at a time it would be 4% which is not good. Survival in the market is the first skill we should achieve.
Anggota Sejak Jul 23, 2020
759 pos
Nov 09, 2020 at 16:19
Anggota Sejak Jul 23, 2020
759 pos
UweMoench posted:However, sometime I also open 2 or 3 trade in single day if I find good and potential trade. But I adjust my SL into my risk ratio what I set for per trade.
Money management is very important for trading. Don't risk more than 2% in a trade. Also I prefer not to open multiple trades at a time. If you open two trades at a time it would be 4% which is not good. Survival in the market is the first skill we should achieve.
Anggota Sejak Aug 17, 2020
123 pos
Anggota Sejak Jul 20, 2020
232 pos
Anggota Sejak Nov 03, 2020
65 pos
Anggota Sejak Jul 20, 2020
298 pos
Anggota Sejak Nov 10, 2020
23 pos
Anggota Sejak Nov 16, 2020
21 pos
Dec 09, 2020 at 08:30
Anggota Sejak Nov 16, 2020
21 pos
I agree. If you are good at money management and risk management, you can avoid potential losses.
https://www.myfxbook.com/community/new-traders/new-trader-here-can-we/2486988,1Well, I am not sure about it because most brokers I know let you deposit and withdraw in the same currency.
https://www.myfxbook.com/community/new-traders/new-trader-here-can-we/2486988,1Well, I am not sure about it because most brokers I know let you deposit and withdraw in the same currency.
Anggota Sejak Nov 03, 2020
65 pos
Anggota Sejak Jul 19, 2020
318 pos
Jan 10, 2021 at 19:39
Anggota Sejak Jul 19, 2020
318 pos
If you want to make money from this market, you need to have proper knowledge about forex trading. Without proper knowledge you can face a huge lose in this market. So, gather knowledge properly and then try to earn money from this market.
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