How to handle my money properly in trading world

[okamiraito]

Hi guys,

I have some conversation with traders that trades in HY Markets and they told me that they were enjoying trading .. I know that trading would be addicted especially when i am beginning to earn money and enjoying it just like i play games... But i am just a bit afraid on how to handle my money properly when i began to trade..

Any comments, articles or links that would help me to realize how to handle trading psychology properly?

 

[Enivid]

I recommend buying and reading a book called Trading in the Zone by Mark Douglas. I've recently written a review on this book here:
http://www.earnforex.com/blog/2012/09/book-review-trading-in-the-zone-by-mark-douglas/

 

[PaladinFX]

Yes, good book.

You might also want to google 'forex money management' ... there's a ton of books and ebooks (many free) to be had.


Cheers,
P.

 

[FxMasterAtwork]

Hi,

nth is wrong when loosing money at fx if you are the right one of course. Every loss should be a further motivation for searching a proper fx strategy.

FxMasterAtWork

 

[daveM]

What about a money management plan....
Risk is the only thing that we traders can control... we have to study what we are capable of risking as well as studying our entries and exits...

No risk management discipline means no money in account.
No trading plan means no money in account.

We are in a business, we have to manage our business and have some structure.... or we lose our account

 

[daveM]

Hi,

nth is wrong when loosing money at fx if you are the right one of course. Every loss should be a further motivation for searching a proper fx strategy.

FxMasterAtWork

Every loss means that we made an entry that we should not have made...... we did not follow the rules for a good entry and we have to do a better job of disciplining ourselves to stick to our rules.

 

[FxMasterAtwork]

There are no rules at FX market. Every day is unique. Banks have tacit agreement among them. You need to hear the news and rumors in the market but not just monitor charts. It´s just my opinion. FxMasterAtwork

 

[Maria08]

agree with u..money managment very important...this also same how we manage our pocket money..how we want survive if we fail to manage our money..in forex also...
we must know to mange out margin..and know how many lost that we can accept to support next post/margin

 

[Adam FX]

Just manage your risks. take care that you do not pay over the trading costs, or it will eat yours profit

 

[daveM]

A written and well researched trading plan is necessary... rules, discipline, risk limits... You can do a search on Google to find Trading Plan articles and pdf's..... take the time and examine trading plans and construct one for yourself. Regard trading as a business.

 

[acarrollfan]

I don't usually do this but if you really want to, you are advised to only lose the maximum of 2% of your capital.

 

[Maria08]

Trading plan like a compass that helps us show the direction of travel. When we can use a compass properly, then our goal will be easily reached with a hit. Compass course itself should be in really good condition, or trading plan we have made ​​in such a way that can be implemented. By simple, we must make the trading plan for trading we can achieve the consistency that is profit.

 

[okamiraito]

Hi All,

Thank you for your posts. I really enjoyed reading it and i really appreciate for the links and advice that you have provided..

With regards to the post of Maria08, i think it was a bet example of forex trading.. Thank Maria08, i will share that example to my friends..

 

[ziegler]

Just don't afraid trading, it's not so dangerous, as it seems. Imagine that you got a new job, at first worried about it, and then you start to feel good about yourself and confident. Trading Forex is the same

 

[TheLastBear]

Hi guys,

I have some conversation with traders that trades in HY Markets and they told me that they were enjoying trading .. I know that trading would be addicted especially when i am beginning to earn money and enjoying it just like i play games... But i am just a bit afraid on how to handle my money properly when i began to trade..

Any comments, articles or links that would help me to realize how to handle trading psychology properly?

The best thing I can tell you is to open a micro-account with $100 and trade lots of only 0.01. Try different strategies until you find one that allows you to make profits. You can read all the books you want, you will not learn anything about your own trading psychology until you trade your own account with your own money.