I seriously dont understand why everyone says that MM is the pillar of successful trading. It's such a simple stuff in my opinion:
1) Place the stop loss where it's supossed to be according to your technical analysis support/resistance levels.
2) Calculate the lot size so, should your stop being hit, you dont lose more than a fixed 3% of your account.
3) Take the trade only if the risk/reward ratio is above 1:1 (I personally use 1:1.5 myself). I am assuming you have a better than 50% win/loss ratio, of course.
Where's the big deal in that?
In my opinion, the real beef in Money Managment comes ONCE INTO the trade in the form of A) how to scale out of the trade and B) when exactly to move the stop to breakeven. Those two factors will have a larger impact in the long run on your trading performance than all the pre-entry money managment rules in the world.
1) Place the stop loss where it's supossed to be according to your technical analysis support/resistance levels.
2) Calculate the lot size so, should your stop being hit, you dont lose more than a fixed 3% of your account.
3) Take the trade only if the risk/reward ratio is above 1:1 (I personally use 1:1.5 myself). I am assuming you have a better than 50% win/loss ratio, of course.
Where's the big deal in that?
In my opinion, the real beef in Money Managment comes ONCE INTO the trade in the form of A) how to scale out of the trade and B) when exactly to move the stop to breakeven. Those two factors will have a larger impact in the long run on your trading performance than all the pre-entry money managment rules in the world.