Oct 14 2020 at 15:18
All,
Do any of you know where to find different money management methods/systems for trading accounts. Have looked in the search in the community but can't seem to find anything.
Thanks
TRez
Do any of you know where to find different money management methods/systems for trading accounts. Have looked in the search in the community but can't seem to find anything.
Thanks
TRez
Oct 15 2020 at 00:38
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 01:30
You can learn about money management systems by watching different videos available on youtube.
Oct 15 2020 at 09:22
Thanks for the info on the risk level. I was wondering more about an equity strategy to control losses/drawdowns.
Oct 15 2020 at 10:46
I think it is best to stick to the 1-2% suggested by @AliaDare but to manually calculate everything. This will give you a much better feel and understanding of the risk and what it means
Oct 15 2020 at 15:32
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
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.
Nov 09 2020 at 16:19
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.
Nov 12 2020 at 10:05
risk is everywhere in Forex its a very common thing , there is no one who can deny but if you have proper money and risk management then within a very short time you can bring good amount of profit from here.
Nov 12 2020 at 17:10
I agree that 1-2% to risk is a good rule of thumb.
Nov 21 2020 at 19:45
Money management system is the most important system in the forex market.
Nov 22 2020 at 07:59
Knowledge and skills to manage your capital can save us from irreparable and uninhabited mistakes.
Nov 24 2020 at 12:52
practice is important and for that demo is a good choice , but i dont like this, i always try to maintain live account with minor balance . its supportive to acquire live knowledge and experience.
Nov 25 2020 at 05:24
It is not possible to succeed in trading without following money management. If a trader wants to achieve trading success, he must follow Money Management.
Nov 27 2020 at 04:58
Money management and risk management are the two most important skills that I have learnt over the years of my trading experience.
Dec 09 2020 at 08:30
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.
Jan 04 2021 at 04:56
Successful money management is very important when it comes to forex trading. Every trader should work hard on it for their own good.
Jan 04 2021 at 09:58
Another important point is the ability to take into account all the small details that are necessary for money management.
Jan 10 2021 at 17:05
It is worth noting that money management is a very voluminous concept, but in the context of Forex trading, it boils down to several basic methods. They are quite easy to use and allow you to limit losses.
Jan 10 2021 at 19:39
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.
