Updated: Oct 30, 2019
In Forex trading there is one thing that winners understand and losers don't!!PICK A SIDE!!!
Yes cover picture is green because we are talking about Money Management and why is that so important.
So yes this is the most important thing in Forex Trading!THE MOST IMPORTANT!!REMEMBER IT!
And yes ,Money Management is the unsexy part of Forex trading which i really do not understand why.This is the one thing that makes your Bank account go up or down just happens to be unsexy part.I mean Really??We are all here for money,don't we?
First i want to say what my friend who is also trader said,and i am not 100% agreed with him but hear this out:
He told me,he is telling that everybody that when it comes to entering to a trade you can pretty much flip a coin and go long or short,if your Money Management is right you will still make good money long term on Forex trading!
And yes he is correct about this,i am on my mind set that you should have best trade enteries best as you can to make your ods even higher.But he is still 100% right ,so now get back and remember how much time you have been in front of screen ,dedicating time to find some good indicators and tools and all analysis to get you in better entering point .And all the time this Money Management was responsible for making your account go up or down.
Now when is coming to actual Forex Trading,here are 3 things that we are going to tell you:
THE BIG 3.
1. Money Management
2. Trade Psychology
3. Trade Enteries
So which one do you spend your time on ? Yeah the 3 one ,sexy tools and everything.Everyone wants to know that ,people are buying signals and everything for that .You are so focused on that .So you think that is all you must do ,search for perfect entry.
And why is that so popular ? Because it sells courses ,signals,access to their trade room and lot of stuff out there which sells.
Those people who are selling ,they are not good traders ?Why would they sell if they can earn millions in trading if they are so smart and they have good signals and that crap.And all their signals and indicators working when they work ,but when you try ,it doesn't work.
Yes we will dedicate some time for this Money Management and you will be able to learn:
1.What to risk % ,How much money per trade
2. How many pips to risk
3.Managing the trade
4.The indicators involved (couple of them only that i have tested )
Now ,let's just say if
Your entries are 2x better than mine , but my Money Management is 2x better than yours.
If that is a case i will destroy you .
Because Money Management at the end of a day will make you bank account grow!!!
Thank you for reading ,we have just started so please comment if you have some questions,we will be happy to answer you all.
See ya in next post where we will continue our important work.