How To Not Blow Up Your Trading Account: Definitive Guide to Money and Risk Management For Forex Traders
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How To Not Blow Up Your Trading Account - Erick Vavretchek
Copyright © 2013 Erick Vavretchek
All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the publisher, except by a reviewer, who may quote one paragraph passages in a review.
You miss 100% of the shots you don’t take
– Wayne Gretzky
Table of Contents
Cover
Acknowledgments
Foreword
Intro
What Is Money Management Risk Management
Why Is It So Important
Why Traders Lose Money
Leverage And Margin, Finally Understand What It Is And How It Affects Your Trading
Trading Account Vs. Bank Account
Position Size
Details On How To Calculate Position Size And Value Per Pip Based On Your Risk
Essential Tool For Trading
Final Thoughts
What Is A Pip
Keep In Touch
Important Links
Acknowledgments
First and foremost I would like to thank my parents and my twin sister for all the support I had through my whole life. No matter what I chose to do. All I always heard was: Go for it, you can do whatever you want. We will always be here!
Nothing can go much wrong when you have that kind of love. Speaking of love I would also want to thank my wife for the support and understanding of the thousands of hours spent in development and understanding of the markets and especially for the many times she asked me: Oh wow, where are you copying that from?
lol. Funny, but true.
I could not forget my trading friends, Alan D, Angela A, Angela D, Brent, CK, Colleen, Dan, Lynne, Paul C, Phil, Steve H and many others. This is a journey better not taken alone. We grow together.
To all the charlatans in this market that have some of my money, I owe you a big thank you too. I fell for your tricks too many times, I was naïve and it was a hard path to go through without guidance or with the wrong one. I learnt so much from you and your dishonesty. It definitely made me a better man and trader. I am sure you will meet Karma one day.
Foreword
As you’re here reading this book you probably already realise that there’s no holy grail trading strategy; that ALL technical analysis works in isolation now and then - but that to be a consistently profitable trader you have to combine disciplined technical analysis with sound trader psychology and proper money management.
You’ll discover in this book that there is both a science and an art to money management. What works best for you boils down to your personality, your cash