What is our first responsibility as a Forex trader?


we are trading forex because we want to make money and there is no question about it. but before making money our first responsibility
is protecting our account. please pay attention. our first responsibility as a forex trader
in not making money its protecting our account and being able to survive in this business
in any circumstances you can go and watch successful business in field I don’t mind
online or offline it doesn’t matter. all of them are in one thing in common. all of them could survive. first they could survive then they could start
to make money and become profitable okay? so, our first responsibility as a forex trader
is being able to survive in this market. and we do this buy money management. money management is very important. but it’s very simple and easy. I don’t recommend to read books about money
management because there are a lot of books about money management a lot of mathematical
numbers, charts, graphs, and all those things but you don’t need them okay? money management is very simple. if I want to compare it with strategy for
example if you can learn a strategy in one month, you can learn money management in one
hour in fact, it’s not complicated. it’s very simple and easy. you just need to define couple of numbers. like max loss per trade. max loss per if all of your open positions
goes in loss or max loss per time period. and couple of numbers like these. those numbers should be suitable for your
trading style, with your time frame of trading with your experience. it’s very easy. you should define them correctly and follow
them strictly. that’s it.

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