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Successful traders follow some important rules. They use new strategies at real account only after testing them with demo account at least during two months.
The main reason of frequent loss at the real account is the risk of own money, and emotions often don’t allow to realize correct money management strategy. Therefore it’s extremely important to learn how to manage emotions and fight stress trading with live account, with help of knowledge, analysis, and sense.
Money management is very important and every trader should have proper money management to avoid their precious money from loss. Money management leads us towards successful trading. We can achieve our goals of success in if we have proper money management system. Now, I try my money management system in demo contest to hone my strategy. Currently I am participating in Armada Markets demo contest and link
yes, money management is indispensable in of forex trading. Due to a good money management so we can trade with any longer. therefore we need a lot of practicing good money management so that we can benefit from forex.
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There are various aspect of forex that has to be followed and money management is one of the most important one, you can keep your records in a excel sheet where you can maintain records according to your needs.Quote:
Originally Posted by CahCuncun
first of all you should train yourself and learn about every things of trading forex. A demo trading can give you experience and boost your confidence. Then before trading Plan how you will trade and always trade according to your plan.
Quote:
Originally Posted by Kaito Kid
Planning is important but to make profitable trades you have to be very versatile with your planning, management, emotions, you have to be in full self control.
The key is to find a simple methodology that generally works bearing in mind that no one indicator works all the time. Try and keep it simple and stick to a strategy that you feel comfortable with.Quote:
Originally Posted by vic84
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it is very good so have the knowledge of this business and have the experience of this business then you will have the profits for the life time of this business and you will get the success so learn and then do this business and learn the rules of this business then you can do this business successfully.
knowledge is very important in forex, because the knowledge we can trade well so we can get the maximum trading. To get trading knowledge we can join in forum Forex. in forum forex we can get knowledge trade with other trader
If we do not follow our trading rules that mean we cannot find exact entry and exit point on the other hand without following rules we cannot handle emotions and greed well. Because we can control these when we make sure that we did not mis any of trading protocols that we make for our trading.
Make a demo account, and use it to learn and understand Forex trading. While using a demo account you will be able to test your trading strategies and mentally prepare yourself for real trading. However, keep in mind that you should be realistic and treat your demo funds as real money; otherwise, there is no way you can learn from demo trades.
The key is to find a simple methodology that generally works bearing in mind that no one indicator works all the time. Try and keep it simple and stick to a strategy that you feel comfortable with. now I am trying to implement Money Management correctly in trading activities that I do in FBS
A successful trader is good money manager. who manage his money how efficiently hi is so expert or successful. should maintain a proper money management never lose or empty your balance. you always on the profit.
Discipline is always the key, I am never focused to work with any rules but my main style of trading is with strict management and complete discipline and that is something which has helped me massively. I am trading with Nova FX broker, it has got excellent 111% bonus on deposit, it is highly useful and helps me keep a strict money management, so I always get near perfect results without having struggle much over the results that I am looking for.