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Money Management – Tom Strignano

Posted on 10. Jan, 2011 by Jakob.

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Tom Strignano is a well-known forex trader and I have been writing about him a couple of times before, regarding his first book Forex Confidante, along with his signal service which seems to undergo a couple of changes recently. For those of you who have been following me here on TradeProfits for some time now, will probably know that I really enjoyed reading Tom´s first book, and although I have not had a chance to go through his money management book at this time, I am sure that it has a lot of great information for the retail traders out there. One thing is for sure, and that is that money management is a key aspect of long term profitability, but it is something which is almost always avoided by newcomers as the topic itself is far less interesting than pretty much anything else related to trading. However, if you want to become profitable, you need to know about money management and I think that Tom Strignano´s book will be a great help. You can take a look at it here. I plan on reading it in one of the upcoming days when I got some spare time, and I will post a thorough review. Additionally, Tom has just started a blog when he currently shares some of his trend reactionary numbers (something which was part of his paid service). Go over and check it out, plot them into your charts and see how this stuff works.

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News From ForexPeaceArmy

Posted on 07. Jun, 2010 by Jakob.

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Felix has posted chapter 7; Five Money Management Principles That Can Either Make You Or Break You. He is writing more and more about trading and topics related to it, so if you were disappointed when reading the first chapters, I suggest you go over and read the latest chapters. There is some good information. Sive Morten has also posted his weekly outlook which, as always, is a really good and informative read.

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How many trades can you afford to Lose?

Posted on 30. Sep, 2009 by Jakob.

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A common mistake by forex trader, specially news ones, is to underestimate the value of good money management. I sure did this for a long time as well. Using too much leverage on trades is something which will wipe out your account in no time! Often I even see traders apply some level of a martingale strategy, which in my opinion is even worse. Another common practice is to add up, into already loosing trades. Strategies like these might a first sight seems to have some valuable motives but in the end you expose yourself to more risk, and often without changing the reward. The admin over at Trainee Trader has written a great post on this subject, which should help you to understand the importance of good money management. Check it out here.

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