Successful Forex trading: First look at the Risk!
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Written by anjinito
Hello traders,
You can have a look at my previous post and compare my trading statistics at that moment with my stats now. As I wrote in that article I am steadily growing my account with the help of professional traders that I hand-pick, copy and manage.
For some ‘like I can read in the openbook posts’ that does not sound much like being a guru. It is just picking a trader or a bunch of traders with good stats and we are set to go, is it not?
Choose a trader after looking at the risk!
In my opinion it takes more than just looking at some profile pages and taking the trader that has the biggest profit in the shortest time.
Most inexperienced copiers just look at the biggest profits and copy those traders. Before I start to copy I look at the risk a trader takes. Risk is number one for me and I choose a trader looking at that risk. And when I allocate a certain amount I also do that according to the risk someone takes.
So, I can take a high risk trader and add him or her to my account but I make sure that when this trader burns (or almost burns) his account that it will not harm my account much.
I do not like to add too many high risk traders. I try to choose moderate to low risk traders with a good Money Management.
Also, the traders and the allocation of money over time are totally dynamic. I adjust the risk (money per trader) looking at their performance. Also after studying different charts of the Forex, Commodities or Indices traded I give more or less money depending on the likely direction and the direction traders took.
I use 10 traders to spread the risk. I have seen in a very short time that traders went on vacation, became sick, had to go to the hospital, did have to take exams and did not attend their trades anymore, to just give a few examples. And I do not want that to impact my account to much.
My road the last weeks has not been as bumpy as before my previous article and I am very happy that with a lot of monitoring, studying traders and optimizing my account, it is looking better and better. And I will continue to do so with love and dedication.
So thank you for the faith of my current copiers. I am always open to suggestions and also new copiers! Have a great trading experience here at eToro and please look first at the Risk and after that to the reward.
Be safe,
Anjinito
this post has been viewed 37 times
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