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Becoming a Better Trader: Managing Risk (Webinar)

Becoming a Better Trader: Managing Risk (Webinar)

Paul Robinson, Strategist

Join Paul every Thursday at 10 GMT for the “Becoming a Better Trader” webinar series, where he discusses a variety of subjects geared towards trader development. Full calendar of live events here.

In today’s webinar, we looked at risk management from not only the standpoint of preserving and growing trading capital, but also making sure in the process mental capital is preserved as well; often times an afterthought.

It’s important to have good risk controls on both a per trade basis, as well as on an account basis. Risk measures are relative to the individual’s tolerance for risk, but some general common-sense parameters do apply.

Trading style, including types of trade set-ups and time-frame, are key determinants in understanding how you should look at risk, and what parameters are best for you.

Beginning traders want to make sure that while they are figuring out the market and what works for them, that they are keeping losses very, very small. Experienced traders want to do themselves the favor of not creating any unnecessary draw-downs due to poor risk controls.

At the end of the day, the first job a trader has, is to make sure they are around to fight another day; once capital is gone, game-over. Today, we discussed measures which are helpful in putting together a risk management game-plan that will not only help avoid risk of ruin, but ultimately position one’s self for having their best chance at acheving success.

For trader education, see our Trading Guides.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.