Money Management strategies

Beginner Questions
1

Hello all. I’m pretty new to trading and stumbled on this site. I haven’t done much exploring yet but are there other sites for beginners or have I already found the best beginner FX site at BabyPips?

Anyways, my real question is about money management. I saw this topic thrown around and I just want to know what it means and if there are strategies involved with it.

Thanks for your help!

2

Hi,It means you have to use only a special amount of your money for each trade. Look, you have 2000 $ and you want only 2 percent of it be at risk, so if you want to order your stop loss should be 40 $. In other word if you order 0.1 lot at EUR/USD @ 1.2764, your SL could be 1.2724. For more information check ACTIONFOREX articles. Good luck