Money management is the hands down most important thing you can have, so study it alot.
Do the 20/80 rule 20% of your trading should be MM and 80% should be the trading system, 20% of it represents 80% of your profits. What will give you the most profit is your MM not the system, MOST of them can and will be profitable at some point, and later on you will monstly trade based on instinct, because the "system" will be printed on your mind...
So, beginners should focus on losing less. Profit will come eventually, dont force it to come prematurely.
Focus on what is important not on what can change. Your system can and probably WILL change, your management cannot.
You wont profit 100% of your account in 1 day, I was so thrilled when I traded for 33,7% of my account in one day (my highest profit in 24 hours in 11 years of trading!)
Backtest the shit out of the graphs, if you backtest you will gain knowledge (even today I take 3 hours every weekend to backtest 2 years to see if I can find something new!).
Choose the time for trading, don't just randomly sit in the chair and start trading, take it as a profession, be professional. Don't stay the whole day in front of the computer, take care of yourself and your family, be consistent with trading as well as your family.
KNOW YOUR SIZE, dont trade with lot 0.10 or 1.00 if you only traded in demo acc, you need to learn to control your emotions, otherwise you WILL have a heartattack.
Last one should be: DONT BE A LAZY F*CK, study and spend time if you really want to make to the top 5% that are successful!
Do the 20/80 rule 20% of your trading should be MM and 80% should be the trading system, 20% of it represents 80% of your profits. What will give you the most profit is your MM not the system, MOST of them can and will be profitable at some point, and later on you will monstly trade based on instinct, because the "system" will be printed on your mind...
So, beginners should focus on losing less. Profit will come eventually, dont force it to come prematurely.
Focus on what is important not on what can change. Your system can and probably WILL change, your management cannot.
You wont profit 100% of your account in 1 day, I was so thrilled when I traded for 33,7% of my account in one day (my highest profit in 24 hours in 11 years of trading!)
Backtest the shit out of the graphs, if you backtest you will gain knowledge (even today I take 3 hours every weekend to backtest 2 years to see if I can find something new!).
Choose the time for trading, don't just randomly sit in the chair and start trading, take it as a profession, be professional. Don't stay the whole day in front of the computer, take care of yourself and your family, be consistent with trading as well as your family.
KNOW YOUR SIZE, dont trade with lot 0.10 or 1.00 if you only traded in demo acc, you need to learn to control your emotions, otherwise you WILL have a heartattack.
Last one should be: DONT BE A LAZY F*CK, study and spend time if you really want to make to the top 5% that are successful!