Marvin Evans asked:




There are a lot of Systems out there and they all have there moments. Most of the information you read from the creator of that system show fantastic results and making huge amounts with very little money in the account. Sound familiar. What they are not telling you is that they are showing you the worst way to trade, OVER LEVERAGING YOUR ACCOUNT. This is why we developed the PIP Calculator. This will give you guidelines to follow when trading.

Most beginning traders believe that a good entry into the market is the key to success.
Unfortunately most are very wrong. Money Management is by far the most important criteria of
trading, Every successful trader will agree that managing your trades correctly is the most crucial element to consistently increasing your bottom line. Not to mention managing your money correctly, by limiting your risk to 2% to 10% of your account balance, at any given moment, in open positions, which will reflect your lots or trade positions.

Losing a trade or several trades in a row is just part of trading, get use to it. Unfortunately, markets move in unpredictable ways at times and even the best programs, even the ones I have reviewed, are not always right. In fact, most professional money managers trade with systems that are right only 50% of the time. How can they make the huge returns they claim if they are only profitable 50% of the time? Money Management!

If you’re able to effectively manage your money you only need to be right about 50% of the time. The unfortunate thing about 95% of the current traders is that there primary focus tends to always be on making money and not protecting their account balance or profits. This is where the Money Management PIP Calculator helps with this problem.

Let’s assume for each $1000 we use to control a position that we are only willing to loose $100.00. Now we will also assume that for every trade you enter you expect to make at least twice what you’re willing to loose. In the event your position goes your way, you would set a limit order for $200.00 and we will assume you have made a totaL of 10 trades, 5 winners and 5 losers. 5 Losses would be -$500 and 5 wins would be $1000. You have just increased your account by $500 and you are only right half the time.
The 7 Rules of good Money Management.

DO NOT ENTER ANY TRADE WITHOUT A STOP LOSS. Always trade with a Risk Reward Ratio of 1 1/2 to 1 or better on every trade Never over leverage your account. True. Over risking will leave you with nothing for the next trade. Make realistic goals that can be achieved within reason. Take what the market gives you. Losses are part of Trading. move on to the next trade, and trust your system Take profits off the table in every trade. Only trade with money you can afford to loose. This will help your emotions in trading.

PIP Calculator comes with mouse over information to give you guide lines on how much to enter on a trade with most Currency pairs. It is set to work with all currency pairs. Click Money Management PIP Calculator for the calculator.

Troy

Shawn Lim asked:




Ok, this is about your financial management. Many people wants to be a Millionaire, but end up with nothing. Here are 5 financial management tips that can help you boost your income. I get this idea from Adam Khoo (one of Singapore youngest self-made Millionaire). Frankly, Adam is one of my favorite gurus, I’ve got almost all of his books. Before I tell you the 5 tips, you need to know some rough idea about money management first.

There are people who earn $1,000 every month, and claim that it is not enough (this is true though). However, there are also people who are earning $10,000 each month, and still claim that it is not enough. Why is this so? This is due to poor money management. Therefore you must know these 5 tips before you can increase your savings and reduce your expenses. You must spend time and effort into your money management, only then you can be rich. If you don’t know how to manage your money, then they will slip through your hand easily.

Don’t expect that this will happen automatically. Every rich people knows that it is their wealth their money, they need to manage them at least one hour a day. But for average people (who are not yet rich), they spend less than 1 hour each month managing their money. And that 1 hour usually is spend paying bills. That is why the rich is getting richer while the poor is getting poorer. But here are some tips that can help you manage your money.

1. Always Ask For Discount

You know, most of the stores that you bought your goods from, usually they are not fixed price. If you open your mouth and ask for discount, there are 70% of chances that you will succeed. Know this fact, if you have 10% of discount, you know what this means? This means that you have got an immediate 10% returns on your money. Over a long term, you will save more money than you can expected. (Psst, use the money you save and invest in money making strategies or anything that will make you richer.)

2. Always Ask For Receipt

Why you need a receipt? One reason, so that you can track every single expenses in the end of month. Depends on what goods you bought, if possible, claim it as business expenses and get a tax deduction.

3. At The End Of Month, Record All Your Expenses

You must record all your expenses in your personal financial management sheet. Be it in your note book or you can record it in your computer, with Excel. By doing so, only then you can track where your money has gone to.

4. Use Credit Card Whenever Possible

This is of course you must clear all the payment before the due date. At the end of month, you will receive statement which will make easy for you to record your expenses. In addition, many credit cards offer prizes if you use them more.

5. Update Your Income Statement In The End Of Month

Try to do a personal income statement that record all your incomes and expenses. Update it each month. You must use a system to track where every single dollar goes. Only when you know where your money is going, can you take steps to channel it to your savings and investments.

You must develop this money managing habits to get you richer. Although doing this everyday may sound tedious. But it is very important to know where your money has spent and how much you have saved. Many businesses failed because they don’t know how to manage their financial and money properly. So don’t be one of them! To your success.

Lloyd

w00fa asked:

Ryan Shelton gives you his tips on how to manage your money efficiently.

Ann

ForexToolShop asked:

A lesson on how to manage your money when trading forex. Brought to you by www.forextoolshop.com

Dennis

Cdmohatta asked:


If you were asked about your finances at night, awaken from sleep will you remember the figures? Will you remember your deposits, your debts, your net savings, your average monthly expenses? Not many of us can answer these questions. Money is one of the most important parts of our life, but we do not know much about our own finances in precise terms. Is that not surprising?

Money management plays a very vital role in success. If you were to put the same questions to a very successful person, you will get all the answers with analysis thrown in for good measure. Those who make very big money understand the importance of money management. Unless you manage your money, you will not be able to make best use of it. I would discuss few important parts of money management here.

Debt- do not take debt if you can manage without that. The thought that you have debt makes you feel uncomfortable and kills enthusiasm. Ask two persons about their life- one who has no debt but lives very simply and other who has debts and lives lavishly. You will find out that one without debt is enjoying his/her life more.

Increase Savings – Save more and spend less. Your savings will not only be useful for a rainy day but also create a war chest for you that can be used when the right opportunity arrives.

Increase Profits- target good profits and try to reach that figure in your business. If you are employed, set targets for your salary and achieve it.

Reduce Costs – Wherever possible, reduce costs. Avoid all unnecessary expenditure. Reduce every cost. Live frugally till you save your first million. After that it will become easy to earn more and spend more. If you do that right from the beginning, you will never be able to save your first million.

Related link :-

1-Money Quizzes & Tests



Paul