Muscas - Guide To Monetary Awareness In Trading: MONEY MANAGEMENT
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- Book:Guide To Monetary Awareness In Trading: MONEY MANAGEMENT
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belief however, this study shows that the smaller edge of successful traders is not the cause of their failure.
Traders' failures can be explained almost exclusively by their poor money management practices."
Very few indicators are better than a coin toss, and if they are, the edge is eaten up by slippage and commission.
But 'Money Management' tells a trader that (s-)he should concentrate his research on how to optimize capital usage and to view his/her portfolio(-)s as a whole.
They are copied together indiscriminately from several sources from the Internet, from Trading Software, and Trading Literature.
Money Management 1
The best these and ALL other indicators, including Moving averages and Breakouts, will do is make you break-even and at worst blow your account.
Combined with sound risk and money management I could even reverse the above statement: "ANY set of indicators rules will make money in futures trading."
Trading only 1 contract at a time will cause you to FAIL !!!
Make sure you are well capitalized. This is not a game for those who are not.
Maintaining the same number of contracts for each trade will cause you to FAIL. Varying contract size is the MOST important thing you must do, if you want to be successful.
1) Stagger out of your trades when wrong (Phantom of the Pits points out that you should let the market prove you correct instead of letting it prove you wrong by hitting your stop loss).
The market goes against your entry (!!!). BUT hold on to all your positions when right. 2) Make sure your profit goal is larger than your stop loss point.
Never let a winner become a loser. Adjust your stops as the market moves with you. TREND: Use trend following indicators only. I recommend Moving average 2 lines and Break outs.
-----> Pick the shortest time frame with the longest trend indicator.
While Risk management dealt mainly with maximizing profits using contract size, Money management deals mainly with minimizing losses using stops, as well as showing you
when to take profits. They are both very closely intertwined with each other. You cannot have all risk rules but no money management rules, and vice versa. I gave you Rule #1 which says to stagger your stop losses, and here is ONE very important principle that you have to learn in Money management:
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