Both money management and trading psychology

Both money management and trading psychology are key to success in forex trading. A person will fail with a good strategy if he/she ignores the importance of money management and trading psychology. It has been said that trading is 90% psychological. And it's true.

Trading is a mind game. So, it is better to trade with clear mind.

I agree with you. Money management is quite necessary for every trader and they should focus on it. Managing risk is also important.

Money management with a good strategy plan does wonders in trading. They lower the risks of losses and help in making money for the long term.

I completely agree with you, because when we are able to manage our capital, we are able to manage our risks.

I agree with the idea that all problems are in the head. If you can't handle something, it means you're not really committed to it - that's a 100% fact.

The main thing is to take your time.
And check out the strategies that bring you money, and the approaches that give you confidence.

Risk management too.

momo3HC posted:
Risk management too.

Was looking for this one. Yes, Risk management is very important to minimize the losses and increasin the risk reward output

That is right. Money management is very important for the market along with a proper mindset to trade.

The right balance between money management and having the right trading psychology can do wonders for a trader.

hattiethomas posted:
The right balance between money management and having the right trading psychology can do wonders for a trader.

I also agree with you. Both are essential for every trader. It doesn't matter what type of traders you are.

Yes, of course, money management and trading psychology is a very important issue in forex trading. It is impossible to stay in trading without applying that formula. I know it will help me a lot to be successful.

hattiethomas posted:
The right balance between money management and having the right trading psychology can do wonders for a trader.

It can make him millionaire.

hattiethomas posted:
The right balance between money management and having the right trading psychology can do wonders for a trader.

Money management is very necessary to make a good amount of profit from this market.

all asects in your work must be combined, this is the only way to get the best result

hattiethomas posted:
The right balance between money management and having the right trading psychology can do wonders for a trader.

I totally agree with you.

the success on money management depends on your trading plan , actually its all about a perfect knowledge , when you have then you can make a powerful money management which will support you for all time to avoid unfortunate risk and losses.