Money Managements and emotions

[FarrisFahad]

So how do I manage money in Forex. As you know Forex is a risky investment if you are trading the wrong way. let me tell you the secret of Forex:

1. trade with a small investment, if you trade with a big amount you'll be emotional, and we don't want that. How? lets say that you have $100000, then you should invest $10000 as a maximum.

2. Forex is an opportunities market. you should open a trade if you see one.

3. Don't close a trade just because you want a small profit and your afraid.

I personally trade like that ... it's all about money management.

FarrisFahad

[Martin Gochev]

Money management risk in one of the most important thing in every business.

Martin Gochev

[Fxpipper]

Without adequate money management, you will find it hard to cycle your trades. And as an added note, MM is not all about managing your funds in your account but ensuring that you have enough funds in the clear to trade with..

[Haley12]

Money management in forex trading is need of the time to lead a long journey in forex market. Therefore each traders deep concentrate on money management. I also prefer to trade with small investment.

[Martin Gochev]

Main rule of money management is that being profitable. First, you have to learn how to direction your losses.

Martin Gochev

[Fxpipper]

On an additional note, there're a few online resources on MM. But do note, some often offer contrary advice on how to go about it. I would suggest a thorough read on the subject and then, make an informed decision.

[mingbao]

Thanks forsharing and they are good advices, but when will you close a deal? What is your trading strategy

i am interested in how you set Profit limit and SP, FarrisFahad

[Fxpipper]

When it comes to setting the TP and SL, it depends on the trader and how much he/she is willing to risk? And remember, pip value will differ based on lots and currency traded and based on that, you can calculate how much you are willing to risk on the transaction..

[alexflemj]

Originally Posted by Martin Gochev

Main rule of money management is that being profitable. First, you have to learn how to direction your losses.

Martin Gochev

That's 100% true, but it's way more easy to say it than actually achieve it. Anyone is trading to be profitable and win, but it also need's to be said that without any risk there is no huge possibility of profit.

[humie]

it depends on traders and how much he/she is willing to risks? any one is trading to be profitable and win