Money Management is A MUST for TRADER

A trader does need time to fit in with the trading strategy used when implementing financial management in a trader's trading plan. This relates to the amount of capital and the level of tolerance that is different for each person. Financial management plays an important role in day-to-day trading of traders. As a term, money management or financial management is the management of funds or capital in a trading account. Implementing good financial management is an important part of realizing the desired trading results.

The core goal of successful money management is to maximize profits while minimizing losses on the flip side. Trading with too much money can add more dangers when trading losing traders. But on the other hand, trading with too little money is also inefficient because the trader only gets a small profit. The trader's task in financial management is to balance the use of capital money, not too big and not too small.

In money management, this includes the lot size in each trading position, what is the distance between the entry price (open position) and the stop loss (SL) and the profit target, as well as the maximum number of trading positions a trader can open at the same time. Forex, as traders know, can provide profits, but traders' positions will not always be profitable continuously. It could be that a trader will experience a loss once or twice before making a profit. It is also possible that traders will experience successive losses without knowing when they will be able to return to profit. In the end, the profits that traders had been making for months finally evaporated overnight. This will also have an impact on trader psychology and trading quality. This is where the role of money management trading is needed. Therefore, traders can start looking for strategies to deal with loss risks by implementing proper money management.

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