Noir

Money management is a given for traders, but money management can differ from one trader to another. You've probably heard how essential money management is to our trading account. And you've probably heard about the 2% risked capital rule. And that's about it.... that's all you know about money management. Most traders will then move on to perfecting their strategies...and how we can pick entry and exit better. This is the most conventional way I can think of... and I've ventured that path before....

Every decent trader knows that a stop loss is necessary because there's always a potential for something to go wrong... and quick. So, a trader would place a stop loss to protect him/herself for the worst case scenario. However, more often than not, stop loss seems to be working against us more than protecting us.

I mainly trade on Forex and at the beginning I would place a stop loss of 20-30 pips from my entry point and my stop loss seems to be doing its job just fine.... but it's...

I can't remember where I heard this system before, but I think it can be kind of useful for many beginners like me. It is a common accepted fact that most traders lose money; especially at the beginning of their trading career. This is due to the two most common traits or behaviors that most losing traders have. 1) They hold-on to their losing positions and 2) They get out of a position as soon as it turns green. You will end up losing money no matter what system or what set of indicators you're...

I'm currently reading "Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing " by Rob Booker. I haven't finished the book yet, but it is such a fun read that I can't seem to put the book down. I'm not sure who Rob Booker is and I don't know if he's a trader or not. But this book is just a change of pace for traders who want an alternative to reading highly technical stuff... I've been studying a lot lately and I need a little break... This book helps greatly....

As of now, I exclusively trade EURUSD because I don't want to focus on too much info being as volatile as it is. I have only one trading strategy after siphoning through various strategies and test them over and over again. I thrive on simplicity and it works very well for me. I only wait for my setup and trade accordingly. That means I can be watching the price move 50-100 pips without doing a single thing.

I used to panic after a huge candle and get in a position only to see it...