Money Management in Forex
I personally feel these are the 10 most important rules to follow, especially as a beginner in order to become a consistently profitable trader. You can refer back to these rules whenever you feel lost or confused about what’s going wrong with your trading.
1. Set a maximum risk percentage per trade.
2. Never let a winner turn into a loser.
3. Once profitable, make small regular withdrawals.
4. Don't use money you can't afford to lose.
5. Focus on the trade, not your profit and loss.
6. Set a minimum risk to reward ratio.
7. Focus on the long term, stop trying to hit an all-in-one.
8. Use leverage effectively, the lower the better.
9. Admit when you're wrong.
10. Track your progress, be measurable.
Here's to your success!!!
I personally feel these are the 10 most important rules to follow, especially as a beginner in order to become a consistently profitable trader. You can refer back to these rules whenever you feel lost or confused about what’s going wrong with your trading.
1. Set a maximum risk percentage per trade.
2. Never let a winner turn into a loser.
3. Once profitable, make small regular withdrawals.
4. Don't use money you can't afford to lose.
5. Focus on the trade, not your profit and loss.
6. Set a minimum risk to reward ratio.
7. Focus on the long term, stop trying to hit an all-in-one.
8. Use leverage effectively, the lower the better.
9. Admit when you're wrong.
10. Track your progress, be measurable.
Here's to your success!!!
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