I started trading Forex in September, 2019 and have blew my trading accounts uncountable times regrettably losing a alot of money to the market. Until I came to discover through researchs and some mentor programs that to be successful you must abide to certain rules.
99 percent reasons for blown Accounts can be attributed to pure greed and poor trade management, therefore if you can adhere to the following principle then I assure you that u will stop blowing up your trading account and become a consistent profitable trader:
Trade management and Psychology
a, Always use Stoploss and take Profit on all trades.
b, Always Risk a Small percentage of your trading capital, atmost 1 - 3% percent on each trade. E.g on a $500 trading account I will personally risk $15 (3%) per trade. So if the trade hits my Stoploss I will only lose $15. Use a lotsize calculator (check myfx or babyPips for free online fx calculators)
C. Only take trades that have a good risk to reward ratio (RR) like 2:1 and above. E.g Risk $15 for $30 and above. Avoid 1RR trade sets ups until you have mastered the art of trading.
d, Have a tradeplan that consist of your trading strategy with atleast 50% profitability.
e. Discipline yourself to stick to your trading plan and only take trades only when all the conditions of your setup are met.
In conclusion: Avoid greed and the get rich quick mentality and focus on not losing money to the market than making the money.
You will be surprised how you will compound your account if u keep to these principles. I advised that you use a cent account for Account below $100.
I wish you Success and see you at top soon
Khriz.
99 percent reasons for blown Accounts can be attributed to pure greed and poor trade management, therefore if you can adhere to the following principle then I assure you that u will stop blowing up your trading account and become a consistent profitable trader:
Trade management and Psychology
a, Always use Stoploss and take Profit on all trades.
b, Always Risk a Small percentage of your trading capital, atmost 1 - 3% percent on each trade. E.g on a $500 trading account I will personally risk $15 (3%) per trade. So if the trade hits my Stoploss I will only lose $15. Use a lotsize calculator (check myfx or babyPips for free online fx calculators)
C. Only take trades that have a good risk to reward ratio (RR) like 2:1 and above. E.g Risk $15 for $30 and above. Avoid 1RR trade sets ups until you have mastered the art of trading.
d, Have a tradeplan that consist of your trading strategy with atleast 50% profitability.
e. Discipline yourself to stick to your trading plan and only take trades only when all the conditions of your setup are met.
In conclusion: Avoid greed and the get rich quick mentality and focus on not losing money to the market than making the money.
You will be surprised how you will compound your account if u keep to these principles. I advised that you use a cent account for Account below $100.
I wish you Success and see you at top soon
Khriz.
