Money management I am a firm believer that it is very easy to make money on the forex. The hard part seems to be keeping it once you’ve made it. Since forex accounts are based on how much money you put into them, there is always a chance that a bad decision can wipe it all out quickly. Very turbulent market moves can happen with major banking news, like an announcement of a government bailout. This can send a currency pair rocketing hundreds of pips. To avoid losing all you money you need to use money management. Money management is the practice of not leaving yourself exposed to wipe outs on the forex. The easiest form of money management is to take your profits and move them into a separate forex account. That way if account A is wiped out account B still has your profits. Sort of like blackjack except in forex the odds that you’ll win are much higher so the same bet over and over is actually a smart idea. Try a demo account for the forex. If you make money with the demo account, you will make money with a live account. I once put $250 into a forex account and had $1,600 within a week. Solid money management and modest daily goals will make you a forex millionaire in no time. ehow
Posted on: Mon, 12 Jan 2015 16:21:11 +0000
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