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Thread: Financial Management of Forex Trader

  1. #21
    I have always been telling people that the psychology aspect of trading plays a very prominent role in trading and this is often neglected by a lot of traders today because what they consider all important is having a good trading system . You may have one of the best trading systems in trading industry but if you do not have the right trading psychology that will help you make use of that system effectively , you will still fin yourself at the mercy of the market

  2. #22
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    Quote Originally Posted by layigold View Post
    I have always been telling people that the psychology aspect of trading plays a very prominent role in trading and this is often neglected by a lot of traders today because what they consider all important is having a good trading system . You may have one of the best trading systems in trading industry but if you do not have the right trading psychology that will help you make use of that system effectively , you will still fin yourself at the mercy of the market
    That is where the whole management takes place. In one word I like to call it discipline and when traders are lacking and missing on that then it gets to be hard for them to make money at all from the market. Apparently, it is the misunderstanding people have about forex trading that makes them think that they can trade in forex market without security over their investment.


  3. #23
    Trader Sascha's Avatar
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    Quote Originally Posted by Brain View Post
    That is where the whole management takes place. In one word I like to call it discipline and when traders are lacking and missing on that then it gets to be hard for them to make money at all from the market. Apparently, it is the misunderstanding people have about forex trading that makes them think that they can trade in forex market without security over their investment.
    financial management will give us the strict rules about managing our money and every trading activities that using the money. we can monitor our performance and calculate the growth of our account whether it's increasing or falling from our expectation. we can put an alarm for that to remind us to be careful so we won't be trading in less accuracy and focus to get more confirmations first before we decide to take the trades.

  4. #24
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    Quote Originally Posted by layigold View Post
    I have always been telling people that the psychology aspect of trading plays a very prominent role in trading and this is often neglected by a lot of traders today because what they consider all important is having a good trading system . You may have one of the best trading systems in trading industry but if you do not have the right trading psychology that will help you make use of that system effectively , you will still fin yourself at the mercy of the market
    That is a general fact and not a secret, because almost all traders know that psychological factors have the most influence on forex trading (more than 50%), the rest is money management, trading strategies, external factors, and others.

    Quote Originally Posted by Brain View Post
    That is where the whole management takes place. In one word I like to call it discipline and when traders are lacking and missing on that then it gets to be hard for them to make money at all from the market. Apparently, it is the misunderstanding people have about forex trading that makes them think that they can trade in forex market without security over their investment.
    Those kind of missundestanding actually only happens to beginner traders, although sometimes experienced traders still have it. Usually experienced traders already know that, and they have a risk management plan, but they are still difficult to make profit consistently. We can see now a lot of traders who say that stop loss is important, but they are still difficult to profit even if they use stop loss.

    Quote Originally Posted by Sascha View Post
    financial management will give us the strict rules about managing our money and every trading activities that using the money. we can monitor our performance and calculate the growth of our account whether it's increasing or falling from our expectation. we can put an alarm for that to remind us to be careful so we won't be trading in less accuracy and focus to get more confirmations first before we decide to take the trades.
    Yest that's right, but here I talking about financial management in more wider, for the long term, for our future.

  5. #25
    Wow, you are very capable of financial management. I am sure you are an economist. This is something I have never thought of before, this is a good thought for the long-term goals in our career as a businessman in general and as a forex trader in particular. I have never planned financial management as well as this for the long term, maybe that's the reason why I always fail in building my assets through forex business.
    If you lose, be patient. If you win, stay humble

  6. #26
    Quote Originally Posted by rinaji View Post
    Wow, you are very capable of financial management. I am sure you are an economist. This is something I have never thought of before, this is a good thought for the long-term goals in our career as a businessman in general and as a forex trader in particular. I have never planned financial management as well as this for the long term, maybe that's the reason why I always fail in building my assets through forex business.
    It is really a great write up, I also had to drop a thumbs up. But then again, with such a great way and illustration and information about making use of financial management, another thing that the trader will need to learn is just on how to implement it as well when trading, because just knowing about it will not be enough to make the trader able to trade and become profitable with it.

  7. #27
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    Quote Originally Posted by cutiekc View Post
    It is really a great write up, I also had to drop a thumbs up. But then again, with such a great way and illustration and information about making use of financial management, another thing that the trader will need to learn is just on how to implement it as well when trading, because just knowing about it will not be enough to make the trader able to trade and become profitable with it.
    there are so many information that has been shared from many different sources but still, things totally depends on how good we apply those rules in our trading and how consistent we keep things accordingly. managing our financial while trading are two activities we must do at the same time both to ensure the safety of our account and keep trading for profits.

  8. #28
    Irrespective of what we know in the market, no matter what we still need to be able to trade with the right method and approach, that is financial management, putting in good use the risk and money management, they are so much important for our success. As the market has a lot of risks so therefore we need to take control and then invest more time to learning and developing our skills.

  9. #29
    Quote Originally Posted by Darkhorse View Post
    Irrespective of what we know in the market, no matter what we still need to be able to trade with the right method and approach, that is financial management, putting in good use the risk and money management, they are so much important for our success. As the market has a lot of risks so therefore we need to take control and then invest more time to learning and developing our skills.
    Remember to put everything in our work to get a maximum performance based on our knowledge and experience about market and this business. We can not expect to get big money if we are still afraid of opening new trades and still doubtful with our own strategy. Have faith on ourself to increase our psychology and at the same time this will help us to increase our performance in trading.

  10. #30
    i still have problems making profit as a trader but i know that at some point in my trading career i will get to understand how the market really works.i have actually decided to take off from the market and practice my strategy very well so i can start being profitable like many traders out there in the market.i really believe that my strategy isn't the problem here but my problem is psychological and am dealing with it.

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