The money management strategy is very personalized, since it is designed and executed to meet individual requirements of a trader. This strategy varies from one trader to another, because every trader has a different goal, different risk tolerance level, and different amount of capital. Therefore, there is no universal advice to formulate this strategy.
Well, before you start-off your journey in money marketing, consider the following Forex Money Management Strategies by Ebele Kemery a portfolio manager associated with JPMorgan Asset Management and keep the risks low as much as possible.
For Beginners: Low aim equals low risk.
It has been always a good practice for starters not to pour all of their wealth into the entire thing. It is common for beginners not to win on the first round. This is one of those fields that do not take the beginner's luck philosophy. Since you are just starting, your goal should be not to earn right away, but learn as much as you can and commit as much mistakes as possible so you would know what not to do in future endeavors.
Invest in reliable Trading Platforms
There are about thousands of platforms available online. How do you choose which one will work for you? The perfect answer to this would be research. If you know people who are into money marketing, then it would be perfect to get their inputs. The secret to winning the forex game is getting the perfect software that will work for you. Do not be blinded though by the expensive platforms as it does not generally mean that expensive software will guarantee results. Choose your platform carefully. No all best-selling platforms will work for you.
Keep an investment diary
Take note of all the things you have done for the day. In the future, your financial diary can help you review the things that worked and did not work in the past. With these, you will be able to distinguish what strategies you should be replicating and which ones you should be letting go right away.
Ebele Kemery is a Commodities Leader with a track record of consistently profitable trading efforts and expanded business through understanding of client needs and developing customized solutions that leverage a wide variety of techniques and market intricacies, satisfy all risk management requirements.
To know more please visit: http://ebelekemeryny.blogspot.com/