Your management skills can make you money

[Daisy]

I think in forex, you have to have good management skills, like managing loss, risks, money, and your mind. If you're good at these things then your earning will also follow. If you're no good and do not care to manage then you will also lose a lot of money as a result cause in forex, its all about management of your trades and all aspects of your trades. Just like a normal business, some do so well and some lose so miserably, and all of that is dependent upon who manage it and what they do with it. Assess and improve your management skills and you will be a better trader. What do you all think?

 

[Decub]

The theory of Forex especially currency trading is all about management of funds. It is the currencies that you trade on. Know when and how to buy and when and how to sell as well. In the real sense, no sane trader would appreciate buying high and selling low and none would also want to throw away his funds by not being careful when opening a position. Also, another important part of it is knowing how to manage your mind. Positioning yourself in a state where you can easily envisage you as a successful trader and not being discouraged even amidst losses.

 

[Daisy]

That is right. Its easy for you and I to stay calm and cool and under control but that is not the case with others. If they're so good then why are there so many failing in forex. Its kind of hard to fail once you have a working strategy but you fail cause you scalp and then the market turn against you unexpectedly or you fail to enter and exit at the right time so scalping cause many failures as well. As long as you stay under control, you should do fine in forex. Of course, there are gamblers in forex as well.

 

[gkintl]

Money and risk management will take a trader long way in the path towards financial freedom. Actually, a well laid trading plan would naturally include risk mitigation techniques that would protect capital erosion in case of any unexpected volatility in price. A casual trader who does not give importance to money and risk management will eventually lose in the market, irrespective of how good his trading strategy is.

 

[Decub]

That is right. Its easy for you and I to stay calm and cool and under control but that is not the case with others. If they're so good then why are there so many failing in forex. Its kind of hard to fail once you have a working strategy but you fail cause you scalp and then the market turn against you unexpectedly or you fail to enter and exit at the right time so scalping cause many failures as well. As long as you stay under control, you should do fine in forex. Of course, there are gamblers in forex as well.

And that is where the issue of who and who cannot do Forex comes in. A trader who is naturally impatient, anxious and a dreamer cannot make anything from Forex. Even when he has the money, he expects it to grow big in as little time as possible. Managing his funds becomes a theory that wouldn't be put into consideration as all he sees is a very successful trader meeting his needs within the shortest period of time.

 

[sindarin]

This is not a secret anymore, management skill really help all traders to maintain profit in forex and at the same time it will lowering the risk. For longer term of success management skills are very important for newbie even for the pro trader or big trader such as Soros, and with good management skills traders can make unbelievable earning.

 

[Cutiekc]

This is not a secret anymore, management skill really help all traders to maintain profit in forex and at the same time it will lowering the risk. For longer term of success management skills are very important for newbie even for the pro trader or big trader such as Soros, and with good management skills traders can make unbelievable earning.

Okay here is my oppinion. Managementing skills does not invariably increase what we will be earning because when we are doing the managementing stuff. We are putting in shape the amount of money we can afford and reducing the risk, by not investing much(while the more you invest the more money you make) not making use of much leverages(the more leverages you use the more money you can make, but its more risky) so money managment reduces the risk.

 

[Daisy]

Well, if he lacks management skills like he would open trade just for fun or open trades when he clearly knows it will head downhill then he will lose. Or he open trade during a Friday or open a long term trade on a spiking Monday. It makes a huge difference in the amount that he will earn and therefore if he failed to manage, he will lose. so, even if he uses high capital, high leverage, he will still lose if he left it alone and went out for coffee. He will always need to manage and because of that he will be able to make more money.

 

[Decub]

Okay here is my oppinion. Managementing skills does not invariably increase what we will be earning because when we are doing the managementing stuff. We are putting in shape the amount of money we can afford and reducing the risk, by not investing much(while the more you invest the more money you make) not making use of much leverages(the more leverages you use the more money you can make, but its more risky) so money managment reduces the risk.

And we see it from this way too; if there is no management skills in place, you only end up losing even the one that you have made and if you take it up cumulatively of what you have made and that which you have lost due to lack of risk management, you will discover how much you have lost in a long run.

 

[barood4money]

As we count forex trading in business, it is very important to maintain and manage our every steps and records. It helps us to plan for the both present and future. We cannot gain this skills in a day. More you gain experience more you know about the management skills.

 

[budado]

Its can make me money and grow our account big enough to make really good profit. I do recommend that we spend more time trading in demo account to develop our trading skills. This is the only way we can really handle our account in here.

 

[amit.neogi]

This is not a secret anymore, management skill really help all traders to maintain profit in forex and at the same time it will lowering the risk. For longer term of success management skills are very important for newbie even for the pro trader or big trader such as Soros, and with good management skills traders can make unbelievable earning.

yes am just read your post and also agreed with you that management skill is really we need certain a time but beside that we also need skill of technical,analytical,and also we need to more active and updated with market

 

[Markllee30]

yes am just read your post and also agreed with you that management skill is really we need certain a time but beside that we also need skill of technical,analytical,and also we need to more active and updated with market

Yes truly said besides having good skill we also must able to analyses well related to market, technical and fundamentals. we must have an eye on every now and then in the market.

 

[ryuken]

I do think that money management skills are required no matter it is stock trading or the forex trading. You will make more money if you understand that there is going to be better way to manage things. I guess overall we have to learn many small skills for better forex business.

 

[Decub]

Management skills is mainly our money and risk management skills which in Forex, is the one factor that determines if we shall stay or quit Forex any soon. The more we protect our capital and minimize risks, the more we are likely to have the profits than losses even though higher risks mean higher profit.

 

[ryuken]

I have seen that some people make money from almost everything they do. They save good money and invest the money in wise sides. So overall the earning is something people have to consider while spending the money the right way be it forex or the stock trading market.

 

[Decub]

And if you watch majority of them, there is always one thing that stand them out and that is commitment. A person who is always committed and dedicated rarely fail. They are always strong enough to overcome what ever sad side of life. They always stand out among the crowd. Knowing what they want and going for it.

 

[Pettyeve]

@Decub just as you have rightfully stated. It is when a trader is dedicated that he or she will be making money from forex. When there is that dedication, the trader will be able to be learning well more than when there is no seriousness. Also, good management skills will make a trader to know how to reduce his or her losses.

 

[UMOFX AIR]

Yes only trading skills and you passion for trading will briing money for you . Forex is not easy to manage for this you will do regular trading and control emotions , This is a right way to earn money form forex.

 

[Decub]

Then, I still wonder why some are not able to make profits in Forex even after staying for so long in Forex. I know a poster who have spent some 7 good years in Forex and yet, still battling with making good money from Forex. As a matter of fact, it is a family business so he was born with it but to me, his success is below his level of experience.