Skill the most important in forex - page 2
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Forex money management is one of the most crucial concepts you can learn when you want to become a professional trader. The biggest difference between a rookie trader and an experienced veteran is the money management. The rookie trader might do a good job of figuring out when to get into the market, but he has no idea when to stop trading or how big of a position to take. If you want to take your trading to a consistent level, managing your money is the most important factor. One of the first topics you would study in any Forex trading school is that of money management. Without it, you're going to be one of those guys who gets on the Forex forums and complains about everything being a scam.
Forex money management is one of the most crucial concepts you can learn when you want to become a professional trader. The biggest difference between a rookie trader and an experienced veteran is the money management. The rookie trader might do a good job of figuring out when to get into the market, but he has no idea when to stop trading or how big of a position to take. If you want to take your trading to a consistent level, managing your money is the most important factor. One of the first topics you would study in any Forex trading school is that of money management. Without it, you're going to be one of those guys who gets on the Forex forums and complains about everything being a scam.
I'm newcomer here and in forex. Can you tell me some practical advices how to built a money management?
I'm newcomer here and in forex. Can you tell me some practical advices how to built a money management?
For a Newbie trader what i would like to tell is that they have to keep the trading risks to a minimum and then only they will be in a position to earn some profits from doing their trades
Yes you are right having skills and knowledge is the most important in Forex trading. If you do not have skills then it would be very difficult to make profit in Forex. So always learn and develop skills in Forex trading. You can read more about Forex here:http://www.learnforex360.com/
+1 about cool head. Emotions only impede your path to the profitable strategy!
Yes. Even if objectively speaking one's strategy is profitable, if you cannot implement it properly because you're stressed out it won't work.
Forex money management is one of the most crucial concepts you can learn when you want to become a professional trader. The biggest difference between a rookie trader and an experienced veteran is the money management. The rookie trader might do a good job of figuring out when to get into the market, but he has no idea when to stop trading or how big of a position to take. If you want to take your trading to a consistent level, managing your money is the most important factor. One of the first topics you would study in any Forex trading school is that of money management. Without it, you're going to be one of those guys who gets on the Forex forums and complains about everything being a scam.
There are three crucial parts in forex, if only one fails, everything fails:
One can equalize the other when it is not good, but then you also aren't a good trader. Money management is the easiest to learn and you will, otherwise you are very quick out. The right strategy for oneself is the most irritating part. There are so many diffrent oppinions and ways the trade. It's a jungle, where you need a lot of time to see the forest and not only trees. IMO the most important and most underestimated part is consistency. Newbies change good strategies very quick when there is a drawdown. They make temporal bigger losses and maybe leave forex (once burnt twice shy). But the first thing is to get clear what is forex and what role you play in the big ensemble. That may sound a bit cheesy but best luck if you ignore that. If you have knowledge and skill, luck is a very small or negligible quantity in your equation.
Some traders hate the market but spend more time with it than with the spouse or friends. No, the market should be ones friend. It offers you possibilites you have nowhere else.
For a Newbie trader what i would like to tell is that they have to keep the trading risks to a minimum and then only they will be in a position to earn some profits from doing their trades
good one, keeping the risk slow is smart thing.
One could conclude that you just minimize the risk and then you win. That's not true. Newbies will loose and loose even though they minimized the risk. To have a good strategy that increases the risk to win is smarter - and not to get greedy ;)
+1 about cool head. Emotions only impede your path to the profitable strategy!