Starting a live trading account with $20,000 AUD, i have to come up with a solid money management plan so i can stay in the game for as long as possible.
apart from only trading with 2% of my total account per trade, and placing trailing stops and stop loss, what other things need to be considered?
How do you decide how many lots to trade for example? This would be on a mini account.
Cheers,
Asking how many lots to trade but starting by saying that you’re planning on a £20k live account screams to me that you are far from ready to be risking big money. Hold of investing a large sum.
Your position size is determined by your risk & your S/L. You need to identify where you would like to get in to a trade & then workout where you would logically place a stop (ie. at what point is your trade invalid). Use the difference between the entry price & the SL placement to give to a SL figure in pips & along with your risk percentage, you’ll get your position size.
http://www.babypips.com/tools/forex-calculators/positionsize.php
Trade micro lots to stay for year, nano lots - forever :57:
In fact, try to limit a number of entries, because broker charges (spreads) is the only thing that breaks the balance in any money management system 
I’ve reduced trading with Hotforex to only 3 entries in a month, but increased the lot size - to 10 lots. Out of standard but works for me very well…