Money management for newbie
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    Money management for newbie

    Money management is the main lesson for beginner trader. There are lots of strategy in the Forex market. Strategy is not fact for the market. If you have not proper money management then you would be must a loser trader. Every trader comes for profit but average 5% trader can gain and 95% percent trader loser. You can use any one strategy for trade and profit sure but if you have not proper money management then you could loss . So, my suggestion for newbie trader that take minimum 10k (10000 pips) pips risk as per your deposit. Because of market not move 10000 pips in short time. you can only buy or only sell for any currency pair .Take profit 100 / 200 / 300 pips. I prefer you MACD indicator for Forex trading.
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    Quote Originally Posted by azaharul View Post
    Money management is the main lesson for beginner trader. There are lots of strategy in the Forex market. Strategy is not fact for the market. If you have not proper money management then you would be must a loser trader. Every trader comes for profit but average 5% trader can gain and 95% percent trader loser. You can use any one strategy for trade and profit sure but if you have not proper money management then you could loss . So, my suggestion for newbie trader that take minimum 10k (10000 pips) pips risk as per your deposit. Because of market not move 10000 pips in short time. you can only buy or only sell for any currency pair .Take profit 100 / 200 / 300 pips. I prefer you MACD indicator for Forex trading.
    I think that sometimes the market can move 1000 pips or even 2000 pips but as you have said, i have not ever saw the market move 10000 pips. But if we do that, then most likely we will wait until we are old before we can get the profit and take them. So, all people are free to decide their own money management.

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    money managements for newbies , this is very important for them to know that forex trading is risky and they need to get the correct understanding from the beginning, and sure, it can help them to minimize the risk from something careless, the main factors here they need to set it between 1 % - 5 % per deals, and use a simple trading system is much better, not to set for how much target pips should be achieved

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    Money management is one kind of a strategy. All strategy is good for traders but without money management system, your all strategy would failure. Forex market's gainer and loser depend on his/her money management.So, be careful your money management.

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    What do you think of, management is the main thing that every trader ought to be thinking of in his trade. Money management is one of the things that keeps a trader going. i put it to you that is your ability to manage you resources (money) very well that will determine your last-age in the trade. so try to learn about money management before trading in forex, that is very important

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    Quote Originally Posted by chioma View Post
    What do you think of, management is the main thing that every trader ought to be thinking of in his trade. Money management is one of the things that keeps a trader going. i put it to you that is your ability to manage you resources (money) very well that will determine your last-age in the trade. so try to learn about money management before trading in forex, that is very important
    That is true, management is very important in trading and it just can't be seperated at all. Traders need to think all trading positions very carefully in each decision they are making too and they need to think twice before making a decision as well. If we took this too lightly then we might just loss a great deal of money as the result.

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    Selly, that is a vital thing for us, decision will give us good or bad results, and all depend to us who analyze the market and make the approaches, for this side, skill is very important and also good management too, for traders, we need to always think to protect our balance, and managements can help us always on the right track and if only traders follow the rules

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    money management is important but 10k pips are not good i think, because if we use it then we need of huge investment for good earning and ofcourse our lot size will be very small, 10k pip movement is too much hard, in last 6months when gbpusd was down it just move 2000pip and then go back little also, so 10k is not possible in 6 months also from my experience

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    money management is very essential to successful forex trading. so let me tell you how to manage your money
    first, your risk to reward ratio should not be less that 1 to 2.
    it can be 1 to 3 or more
    so what do i mean?
    for instance, if you will be risking 10 pips in a trade , then your profit reward should not be less than 20 pips.
    if you risking 15, reward should not be less than 30 pips

    one of the major reason why many traders loose more money is because they are actually praying and thinking the market will come back to normal towards their trade which makes them more prone to loss. how do your solve this. first understand your strategy very well. once you do , be able to accept loss as fast as possible if the market does not comes in your favour.

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    Quote Originally Posted by Selly View Post
    I think that sometimes the market can move 1000 pips or even 2000 pips but as you have said, i have not ever saw the market move 10000 pips. But if we do that, then most likely we will wait until we are old before we can get the profit and take them. So, all people are free to decide their own money management.
    Market can move that much amount of pips bu not in one day or in one month even not in one year some time, We have to wait for a long time to earn the 10,000 pips from the market especially if we are a long term target in forex. Patience and holding both will be very necessary in long term trading, furthermore money management and risk management are necessary for all trader's they are the necessary elements of our trading.

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