The Ultimate Guide to Risk Management in Forex Trading
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- Опубликовано: 9 сен 2020
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Lot size calculator mentioned in the video: www.babypips.com/tools/position-size-calculator
Hey Nick, do you have an account with myfxbook for me to verify your results before joining your trading community? Thanks in advance.
@@davidpersaud4255 a1trading.com/track-record-reviews/
Thanks Nick for the lot size Calculator but here is the thing, it doesn’t have the currency base for where I am based which is here in South Africa and we here with most brokers usually trade using the ZAR Base account !! My question is that is there any Calculator you can PLEASE recommend to me that I can use to do more of my lot size calculations before jumping into a trade so I don’t keep experiencing lot for damages to my account when draw down happens... I will be earnestly waiting and thanks a million in advance 🙏🏻🙏🏻
Risk management is like electricity, everyone thinks they understand it until they got shocked lol(guilty). Still learning the ropes and really appreciate you guys man for real. Glad to hear losing streaks are normal. Hope things keep going well for you and ya team/peoples and stay safe out here and as always just know y’all are appreciated truly.
Thanks for the comment Robert, you're absolutely right! Great analogy
What matters is you wins are big. For example last week I took 4 losses. Small because I set stop losses but still they are losing streaks. Got in long on S&P 500 last Thursday, and so far I'm up in Profit from all those losses. Just gotta make sure you win big on at least one trade or 2. So really losses don't matter.
It really shows that trading is a VERY patient 'game', skill, job. Because if one has a smaller like a $100 account, then the profits with like 2% RM would look very small, and then one will start to wanna see them Big profits...
be patient...
Yup! Too many people caught up trying to make big money out of a $100 account.
While you get the hang of it find a side job to keep funding the account
I have two one fulltime and part time and I have a few side hustle but I'm learning to trade forex part part time and risk management is very vital to me.
I have nothing but appreciation for you Nick. Thank you for this beautiful work.
Thank goodness I wanted an update on your takes when it comes to risk management
Been studying forex all day and im gladd to add this to my Resources playlist
THIS IS PRICELESS! NOW IT`S TIME TO TAKE ACTION.
great presentation Nick, thank u!
This was a great lesson Nick. Thank you.
thank you !!! Nick life goes on
Been watching your videos for the past few days Nick and I've got to say I'm glad I found your channel and more importantly these videos. It has really broadened my perspective on risk management, trading plans and a general outlook of the world of trading. Love from Great Britain 🇬🇧
Glad to hear it's helping Daanyal!
Great video nick! Thank you 😄
All your videos are really informative and helpful to my trading. Thank you!
Thank you so much Nick,your videos have been inspirational in my trading journey .You keep everything plain and simple,the truth everyone is hiding,thumps up to you and your crew.
My pleasure!
Thank you so much for the info.. you really are a blessing to everyone.
This was a great video, thanks!
Great vid man! 👍
Thanks Nick. Good stuff 👍
Thanks, good explanation of the reasons for proper management of trading accounts
Thanks, you have some of the better videos on SL and RM that I've come across
Very good video. Clear concept of Risk Management.
Hello Nick, this is very helpful and please don't stop making videos
Welldone trader Nick. You are amazing
Keep teaching us thank nick😊
I love this Nick 💯 I will stick with this 💓
i always do use stop loss...but just to test in a demo account i didnt put stop loss. It really landed me in a mess. it is so important to have a risk/reward management in place.
Thank you very much
very helpful. thanks
This is insightful and helpful
Risk Management should be drilled into every trader!
@TraderNick This is very helpful! Ive lost a $1000 or more and have struggled to just be slow and consistent and this video of yours is an eye opener, I won’t give up and will trade with small account/low leverage and work on consistent small wins following 3% management. Again thanks Nick!🙏🏽
Great job ❤
thanks for the informative video.
thank you its helpful
Thank you
Thanks for helping us free.. 🥰
What will i do with the slippage. I mean if it does not stop exactly on my stop loss.
Hey Nick! Loved the video
Just had a question. So I agree with the sticking to your strategy but isn't it true that no strategy can last forever? If it is, then when can we positively say that a particular strategy isn't working out anymore?
Cheers! :)
Thanks for the time preparing this
My pleasure 😊
hay nick nice video . can you pls share the link for lot size calculation ?
Hello Nick, nice video. quick question. if i tradde 2% per trade I should still be profitable in the long run right?
Madam Kate has given great strategies that causes great impact on forex trading
Hey Nick, If your max drawdown is 10%, what's your recommended max drawdown per day?
A true Gold piece
Great video
Thanks Nick for the lot size Calculator but here is the thing, it doesn’t have the currency base for where I am based which is here in South Africa and we here with most brokers usually trade using the ZAR Base account !! My question is that is there any Calculator you can PLEASE recommend to me that I can use to do more of my lot size calculations before jumping into a trade so I don’t keep experiencing lot for damages to my account when draw down happens... I will be earnestly waiting and thanks a million in advance 🙏🏻🙏🏻
great value
Nick yo just so awesome bro I just really love your analysis yo doing well mehn.
please can you stretchout about long breakouts and possible entries please
Really amazing insighg
can my risk management be 1:2 ratio? 0.01 entry at XAUUSD stop lost 50 pips and TP 100pips?
Hey Nick, I wanted to ask...what do you do when you want to risk 1% of your account on a trade and the reasonable place to put your stop loss for that trade by using price action or market structure is about 2%?
Did u get the answer bro? Because I'm still looking for this answer bro
"you might look worse than her" 😂😂😂😂😂😂😂💔💔💔
Got eeeem 😂😂
HunterFX interview brought me here and this series is all fucking gold. Can kinda see why u are abit annoyed they ain’t getting more views lol
very nice true
Thank you so much.. so let's say what's the max lot size in your opinion to open positions, if your account is $1k. Is it 0.01, 0.02 or 0.1 of a lot?
thank you I find the answer in your videos ;)
You hit the nail... I was thinking of asking you this question from last night... When you are making an entry what lot size do you use? Also on your live trading videos I would like to see you put your lot size out there.
If you listen closely in this, I mentioned that percentage matters most. Flashing $ amounts gained or lost is not helpful to people with smaller accounts or larger accounts, but rather the pips / percentage gains are the real value.
Just completed watching... So a 0.5-3% is good, nice. Also I think patience is a big key too...
Was a great video a little wordy, you started with pictures and ended wordy but it was a good video.. Out of 10 I give you 7.5 base on previous videos.
Great
I never comment on these youttube videos, infact this is the first time Ive ever commented on one however Just wanted to say THANKYOU TRADER NICK for all the FREE xontent youve garnished us with so far. This is what seperates the real "Gurus" from the fake ass ones. Trader Nick gives us it all for free, whereas al these others doesnt. Thankyou once again
Nick, I'm working my way through your videos. So far, very educational - thank you.
I trade based on geopolitical situations. How do I accurately backtest something like xau/usd when I can't necessarily find another situation that quite mirrors the one we are in. My future strategy has changed a bit with what's going on with the USD possibly losing world reserve status. I kinda feel like this strategy is untestable.
Hi Nick,thanks for the wonderful video. I've learnt a lot from you. I'm not a big time trader yet. Just starting out. Most of my friends adviced me to register for signals,but I'd rather trade by myself make my mistakes and learn from them. Can you please make a video on how many trades should be open at a time on an account. Also based on risk management.
So glad you enjoy the free content, and thanks for the support! Maybe share the channel with your friends, because copying signals is a losing strategy! The number of trades open on an account is going to depend on your own strategy, whether you're daytrading, swing trading, etc. A lot of positions open on a short term accoutn can be very confusing, and important not to be risking too much at any one time in the market in my opinion. Cheers El!
@@TraderNick I'd make sure to share the channel. I already shared this video before I started watching 🙂. Thanks for your advice.
I feel like this was inspiration from your small accounts video a few days ago 😂
Oh I was inspired alright
Very informative
Glad it was helpful!
Good day trader Nick .
Special thanks to God for giving us 🙏 someone like you and for the wonderful knowledge you are sharing,
I will plead if possible you can make a video on how and when to hold a profitable 📈 trade and when to close the trade before it comes back and against you .
Great topic today nick👍, but hey do u think short time frame is a good way to taste strategy? (5min,15min,30min?
One more thing Nick - I will like to ask one sensitive question a lot of people don’t talk about on the socials - sorry because I noticed you are just about the only person that is more open and transparent and please keep the good work going on here. Here is my question, when making calculations for the numbers of pips the “Spreads” on different currency pairs are usually not considered on the money management which are usually hidden and varies from broker to broker that also end up making our Stop Losses to be triggered and EVENTUALLY they trade will start going out initial predicted direction - because, usually don’t like to use more than 15 to 20 Max pips as a still loss and going at least 150 to 500 and more pips take profit as a “Snipper that I will like to assume myself to be... please, kindly advice Nick, how do I effectively include the “spread” in my money management calculation so by the time to hit my stop loss after I have initially made calculation to want to loose only for instance $20.00 on a particular trade and when I check it’s exactly $20.00 that I have lose or even less not more 🤷🏻♂️🤷🏻♂️And I also noticed the numbers of positions entered could also affect your money management due to the spread and most times the spread increases and decreases at intervals as the market moves - so please kindly advice what is the way out of this. Once more thanks a million 🤷🏻♂️🙏🏻🙏🏻
Hi Freddy! Thanks for the positivity. I appreciate it :) so usually the best way to include the spread in your risk management would be to take the spread number of pips (let’s say it’s 2), and subtract that distance from where you put your stop loss. Let’s say you want to put a stop loss of 20 pips, but the spread is 2, you would place the stop loss 18 pips away to account for spread. Hope this helps!
TraderNick - excellent and brilliant response Nick when I went through your “response” here for the second time and pondered about it, I was able to start seeing the clear picture. Once more thanks, like I have said you are one of the few people here that are very honest and transparent my brother. Meanwhile, before I sign off would like to to repeat the other question I asked you about the lot size calculator for people like me living in another Country like “South Africa” where we are mostly using a different currency base to trade like the ZAR and I noticed on the Babypips calculator here is no ZAR on there, how do I manage to plot the calculation using maybe 2% of my overall account of R3,000.00 balance, probably with a leverage of 1:500 and a Stop Loss (SL.) of about 18 pips, so the BIG question is that I CANNOT Compute this using the Baby pips Calculator you recommended because of the parameters slot, so is there any more effective Calculator you can refer to me just like the babypips calculator but have some more inclusive foreign currencies in it, just like the ZAR (South African Rand)... However, I am also using the iPhone to trades every once and again when I am on the move after carrying out my analysis & setups on my laptop 👨💻- I think I have once searched for an effective calculator on the AppStore but hasn’t being lucky to get any effective calculator so I will really appreciate if you can help recommend any one.. if you can help me out on this I will be SORTED to about 80% of my present challenges. Thanks once more as I will be waiting for your quick respond 🙏🏻🙏🏻.
Thanks thanks thanks thanks thanks thanks Nick 🙌🙌🙌🙌🙌🙌🙌🙌👏👏👏
You're welcome!! Have a nice weekend August.
@@TraderNick you too Nick, wish you all the best brother
Nick, can u link a good lot calculator?
Check the description now, just added :)
@@TraderNick thanks man...you're the best.
Let go
👌🙏🏻🙏🏻 TraderNick - excellent and brilliant response Nick when I went through your “response” here for the second time and pondered about it, I was able to start seeing the clear picture. Once more thanks, like I have said you are one of the few people here that are very honest and transparent my brother. Meanwhile, before I sign off would like to to repeat the other question I asked you about the lot size calculator for people like me living in another Country like “South Africa” where we are mostly using a different currency base to trade like the ZAR and I noticed on the Babypips calculator here is no ZAR on there, how do I manage to plot the calculation using maybe 2% of my overall account of R3,000.00 balance, probably with a leverage of 1:500 and a Stop Loss (SL.) of about 18 pips, so the BIG question is that I CANNOT Compute this using the Baby pips Calculator you recommended because of the parameters slot, so is there any more effective Calculator you can refer to me just like the babypips calculator but have some more inclusive foreign currencies in it, just like the ZAR (South African Rand)... However, I am also using the iPhone to trades every once and again when I am on the move after carrying out my analysis & setups on my laptop 👨💻- I think I have once searched for an effective calculator on the AppStore but hasn’t being lucky to get any effective calculator so I will really appreciate if you can help recommend any one.. if you can help me out on this I will be SORTED to about 80% of my present challenges. Thanks once more as I will be waiting for your quick respond 🙏🏻🙏🏻.
I think you can make your calculations in USD after you must have gotten your results, convert the results (in USD) back to your currency equivalent.
Charles Ayobamiji Whaooo thanks Abayomi Omo-iya haven’t really thought about it that way might just have to give it a try later and see if it will work though thanks once more I guess the trading journey is going well for you as well 🙏🏻🙏🏻
@@freddymekason5132 you are welcome bro, but your name doesn't look and sound like someone that should know the meaning of 'omo-Iya' how come you know it? , by the way I'm just starting out on this trading stuff
Charles Ayobamiji Okay I feel you more a problem you will surely get there consistency is the key 🔑 - yeah my names are Teddy Emeka so this is my online ID.
Make a video u doing it on met4
And u move stop lost when catching runner
good video Nick!
Thank you! Glad you like it
Annoying that Oanda doesn't allow setting a custom leverage though (fixed at 50x for US traders).
Just US regulations unfortunately. We are considerably limited on leverage, but at least funds are safe!
@@TraderNick Would want lower leverage but can’t, and don’t know why regulation would require 50x if someone wants it lower
If you want lower leverage, I believe you have that option to do 10:1 as a minimum
@@TraderNick no I asked them. It’s fixed at 50x. Interestingly can adjust it in demo mode but not live
@@jshawsworld Dang! Thanks for telling me, I didn't realize
😂😂😂 Great video
Thank you!
1st comment! ❤
Niiice :)
did this dude just call me ugly?
disappointed because i came for thumbnail yet i got nothing but risk management
LOL! She made a special appearance tho
If you use 3% risk per trade and lose 20 trades, that's 60%................ ...............
Bdw who is that thumbnail girl ?😆
Watch the video, she makes a special appearance ;)
Second🥴
2nd is the best
@@funmilayo3657 you dey mad
Thank you