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Money Management Systems.
Uczestnik z Jul 19, 2020
742 postów
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.
Uczestnik z Apr 01, 2020
227 postów
Oct 15, 2020 at 01:30
You can learn about money management systems by watching different videos available on youtube.
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
Uczestnik z Jul 19, 2020
749 postów
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.
Uczestnik z Jul 23, 2020
696 postów
Nov 09, 2020 at 16:19
UweMoench posted:
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.
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.
Uczestnik z Aug 17, 2020
121 postów
Nov 12, 2020 at 17:10
I agree that 1-2% to risk is a good rule of thumb.
Uczestnik z Jul 20, 2020
172 postów
Nov 21, 2020 at 19:45
Money management system is the most important system in the forex market.
Uczestnik z Nov 03, 2020
63 postów
Nov 22, 2020 at 07:59
Knowledge and skills to manage your capital can save us from irreparable and uninhabited mistakes.
Uczestnik z Jul 20, 2020
286 postów
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.
Uczestnik z Nov 10, 2020
19 postów
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.
Uczestnik z Nov 16, 2020
20 postów
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.
Uczestnik z May 24, 2020
102 postów
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.
Uczestnik z Nov 03, 2020
63 postów
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.
Uczestnik z Jul 19, 2020
283 postów
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.
Uczestnik z Jul 19, 2020
749 postów
Mar 13, 2021 at 13:21
We need risk management system so that we can minimize our risk. Without proper risk management it's not possible to survive in the market. We need a good winning percentage and a sustainable risk management policy.
