Simple ways to Minimize Risk in forex

[vicknic]

The best way to minimize your risk in forex is proper money management. Proper money management involves, knowing what volume to buy, what leverage to use and how many percent of your account you should use for each trade. Money management also involves setting TP and ST on each of your trade. Never ever compromise your standards due to emotions. Never involve yourself in revenge trading

 

[dodo]

We have different simple ways by which we can minimize risk in the market, we have stop loss to close the order when making loss, we have take profit to close the order when making profit and trailing stop is one major way to minimize risk and to maintain in profit.

 

[Rambo35]

The best way to minimize your risk in forex is proper money management. Proper money management involves, knowing what volume to buy, what leverage to use and how many percent of your account you should use for each trade. Money management also involves setting TP and ST on each of your trade. Never ever compromise your standards due to emotions. Never involve yourself in revenge trading

I agree with what you stated. Risk management is very important. Newbies tend to not focus as much on this aspect of forex trading and are blinded by the potential to profit.

 

[vicknic]

I would also like to emphasize on the use of Maximum Deviation. Many traders often complain of getting requotes and slippages. If a trader knows how to use Maximum deviation, he can minimize the number times he gets requotes and slippages. It is a very good option.

 

[mactou]

To minimize risk in forex you need to plan for each trade in a proper manner. You should know when to to control your losses before engaging in a trade. You can also implement the use of stop loss and ensure reasonable lot size by keeping on the smaller size.