2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The Forex currency market has long become commonplace, because there is no such person who has not heard about it. Perhaps every second person even tried to make money on it, but Forex money management is not an easy task.
As a rule, in order to start trading, you need to study the theory of Forex - money management, and also have constant access to the Internet.
The most important plus is that you can trade when you want, and with the amount you have.
In other words, Forex earnings, money management - all this is called "money management".
There are rules that will help you save your money at first, and possibly increase it:
- firstly, when you decide to trade on Forex, soberly assess your financial capabilities. As mentioned above, the risk of losing money for a novice trader is very, very high. Based on this, start with the amount, the loss of which will not be a tragedy for you. Moreover, this risk persists throughout the first year of trading;
- secondly, if you have a real opportunityallocate about five thousand dollars for trading, it is better if you spend part of this money on your education. You minimize possible risks and learn the basics in a short time (rather than self-study). In this case, it is recommended to allocate literally 20 or 30 percent of the entire possible amount. Once you lose money, you can easily add another 20 percent to your deposit;
Let's look at an example. If suddenly you have the possibility of losing one hundred dollars, then the deposit will be $20.
Undoubtedly, $20 for trading is a very small amount, extremely small even. But there is a way out of every situation, just like this one. Effective Forex money management is possible due to the large number of accounts type:
- demo account. Ideal for beginner traders, as you will not lose anything on it, because the money is virtual. But you will gain serious experience, because theory never makes sense without practice. Of course, with such trading there is one limitation: it is worth putting a serious psychological defense in your brain, because this type of game on the stock exchange can turn you into a gambler who cannot manage his capital;
- cent account. Of course, this is real trading for real money. Their dollar account is converted into a cent account, meaning $20 will be listed as 2,000 cents in the account. Plus - you will learn how to win and lose;
- micro. You trade in dollars, but the minimum lot is 0.01. It is better if youyou can start with three hundred dollars.
Actually, Forex money management with the minimum possible amount can be completed here. All other types are more suitable for professionals.
There is such a thing as pamm-accounts, when an experienced trader just helps others earn. Forex money management takes place without your direct participation. Who knows, maybe after some time you will reach the level of money management that you will be able to provide such services to others?
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