INTRODUCTION Forex trading has become so famous and most of that, anyone who traded forex for some time has certain self-development skills in money management which makes him or her understand it in his or her own way. Whatever you have or knows, make sure it leads you into the success and not otherwise. If success is what you are looking for then make sure you respect your strategies. I am using mobile trading platform as usual (As I prefer for the best performance and outlook) and I have to advise you to change the candles color and other features from setting.

FIG. (A) SETTING STRATEGIES AND RISK CONTROL I have to warn you that, what you are about to read is likely to be contradictory to what you may have already learned about forex strategies and risk control in money management from other places. I can only tell you that what am I about to divulge to you is the way I trade and it is the way many professional forex traders manage in their own way. So get ready, open your mind, and enjoy this article on how to effectively grow your trading account by effectively managing your money. Just remember, everything I explain over here is based on real world application, not recycled theory. PLAN BASED ON LOTS SIZE Everyone knows that money management is a crucial aspect of successful forex trading. Yet most people don’t spend nearly enough time concentrating on developing or implementing a money management plan. The paradox of this is that until you develop your money management skills and consistently utilize them on every single trade you execute, you will never be a consistently profitable trader.

FIG (B, C) LOTS SIZE AND OPEN MARKET We hear many different ideas about risk control and profit taking from various sources, much of this information is conflicting and so it is not surprising that many traders get confused and just give up on implementing an effective forex money management plan, which of course ultimately leads to their demise. You should know by now, controlling your funds is not an options, it is mandatory for every successful trader out there and you should understand the best way to control your funds is by observing about all open trades you open, trending and maximum lots. TRADE RISKS IN PERCENTAGE MODE Risking 1% or 2% on every trade is a good way to grow your account This is one of the more common money management myths that you are likely to have heard. While it sounds good in theory, the reality is that the majority if retail forex traders are starting with a trading account that has $5,000 in it or less. So to believe that you will grow your account effectively and relatively quickly by risking 1% or 2% per trade is just silly. Say you lose 5 trades in a row, if you were risking 2% your account is now down to $4,519.60, now you are still risking 2% per trade, but that same 2% is now a smaller position size than it was when your account was at $5,000.

FIG. (D) TRADE'S RISK Thus, in the % risk model, as you lose trades you automatically reduce your position size, which is not always the best course of action. There’s psychological evidence that suggests it’s human nature to become more risk averse after a series of losing trades and less risk averse after a series of winning trades, but that doesn’t mean the risk of any one trade becomes more or less simply because you lost or won on your previous trade. STRATEGIES IN GENERAL The best way to understand what to do always is to put a good pressure on your emotions during trades and when I trade I always know what to apply and I always love to take one best strategies that I can think of and cast off all other strategies because too much strategies would kill your trade account. Avoid mistakes in closing and opening market, since one mistake would resulting into burning account and once you do that you would be out of option to do anything else in serving from it. REMEMBER TRADING IS FUN, EDUCATIVE AND LIFE SERVING THAT YOU CAN NEVER LIVE WITHOUT, SO, IT NEEDS A LOT OF DISCIPLINE.
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