Ideas for money management to minimize risk

My idea could be applied to any major price crossroads: fibs levels, S/R, pivots levels, etc.

I will take as an example the weekly pivot on Gbpusd.





I assume that the price will most likely go short with target to the weekly r1 since it created support just under the weekly pivot. So there are 3 possibilities: price will just fluctuate around the weekly pivot, price will break above the weekly pivot or price will go short to my demonstration.
So when price touches the weekly pivot i will place short order and i will take a small profit or a small loss. again when price touches the weekly pivot i will place a short order and so on. If the price goes wildly short i will move my stop loss to break even or take a small profit with TP target to the R1 hopefully.
If i miss the boat after taking a small profit, that's allright another boat will come.
hopefully this works since i just tested it for a small period of time resulting in profits.

One of the key standard procedures of hazard administration in Forex advertise is that you ought to never chance more than you can bear to lose. That being stated, this misstep is to a great degree normal, particularly among Forex traders simply beginning. The Forex showcase is exceptionally unusual, so traders who will put in more than they can really bear the cost of make themselves extremely powerless against Forex dangers.

The thread title is ideas for money management. But you are talking about charts and indicators. Money management is the most important thing in forex trading. Good managment with an average strategy making profit is possible. But poor money management with best strategy resulting in loss. A good trader is a well money management follower. I personally do not use more than 2% of my capital. My total trades sum up 2% of my capital.