Forex brokers will rarely teach traders good money management skills, though almost all brokers will top ten tips for forex trading some sort of education, therefore it’s important to also learn on your own. The main idea of the whole trading process is to survive! Survival is the first task, after which comes making the money.
One should clearly understand that good traders are, first of all, skillful survivors. Those who also have deep pockets can additionally sustain larger losses and continue trading under unfavorable conditions, because they are financially able to. For an ordinary trader, the skills of surviving become a vital “must know” requirement to keep own Forex trading accounts “alive” and be able to make profits on top. As you can see, this simple decision — a money management approach — can have serious consequences if misjudged.
Forex trading is a high risk investment. All materials are published for educational purposes only. The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Know what your trading strategy is and master it. It’s always surprising to me how many people don’t actually even have a trading strategy but still try risking money in the market.