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Whenever you place a trade, you have no idea whether the market price of your chosen currency pair will go your way or against you. The level of your stop loss will depend on the trading setup and your risk tolerance. Also, once you set your stop loss, do not move the stop loss further from your trade level. This can put you in a very vicious cycle when price turns against you, suckering you into moving your stop loss further and further away, hoping the trade will eventually turn your way.
If your trade goes against you, man up and take the loss. There will always be another trade. This is fine, and is actually sound risk management. This will depend on your trading strategy and trading plan. You should also use a take profit target in your trading. Use a conservative level to get out, and let your take profit order close your position.
If you want more, close out a majority of your position at your take profit level and let the rest run. Calculate your maximum risk per trade Before you place even a single trade, you must know what your maximum risk per trade is. This is the cornerstone of all risk management rules: you can only lose a set amount per trade, not more. Whatever number you decide on, you must stick to it. However your account fluctuates, your trade sizes will, too. The point is, you must decide an amount that you are comfortable losing and risk that much.
Taking excessively high risk trades that can blow an entire account is not fun. Next, you determine where your stop loss is and use that to calculate your position size. To make life easier, just use a pip value calculator like the one at MyFXBook. To make life even easier, use a tool like Magic Keys to open and manage your trades. Have a good risk-reward ratio The next step is to have a good risk to reward ratio. On every trade, you want to make more money than you stand to lose. This is your risk to reward ratio.
Go for risk to reward ratios of at least At a risk to reward ratio of Of course, your take profit level must also be reasonable. Try to find trades at key levels One way to get really high risk to reward trades is to find trades at key levels. Key levels are those where price has historically seen very strong movement. Due to that fact it will be impossible for us to tell you about all of them, as some are individual to each trader.
We can, however, go over some of the different things to think about when it comes to your risk management plan. It is up to you how much you do, but remember, one of the keys to being a successful trader is that you have a proper risk management plan in place, to protect your trades, your accounts, and your overall capital.
The first thing that you are going to need to do is simply gain an understanding of what trading is and how it works. There is no bigger risk than to try a trade without actually understanding how it works. Trading and forex is a never-ending learning hobby, you will be constantly learning and will never know everything, this also means that you will be constantly learning new ways to reduce risks, so be sure that you are aware of this and always willing to learn more about forex and trading.
You then need to understand how leverage works, it can be a gift but also a curse. Leverage basically allows you to trade with more capital than you have in the account, sounds fantastic, but with this increased trading power also comes increased risks. This enables you to increase the trade sizes that you can put on, increasing your profit potential, but these larger trade sizes also mean that you have the potential to lose far more with each trade.
Ensure that you know the risk of the leverage that you are using, do not go too high, as this can cause issues depending on your strategy, we would suggest not going over for any strategy. You then need to get your trading plan sorted, you need to decide on a strategy that you wish to use, there are hundreds of them out there, try and find one that suits you, something that goes along with your personality.
If you hate waiting then go for a shorter time frame strategy like scalping, if you do not have much time to sit at the computer then go for a longer-term one like position or swing trading. This trading plan should also act as a sort of decision-making tool for you when you wish to place a trade.
To set out some rules that you need to follow, they will help you work out the right entry and exit price for you to place your trades with. When you do this, you should also keep your trading journal to detail the trades that you make to ensure that they are all in line with your strategy. You can also set a risk to reward ratio, this is basically detailing how much you are going to risk in order to make a certain amount of money.
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