Traders Support Club founder Ali Crooks shares his own experience of one of the biggest moves in Forex trading history! Remember when you learn to trade managing risk is vital to your long term trading success. In this video Ali Crooks talks from his own personal experience of last Thursday’s events.
My Personal Experience
During our morning Forex trading session in our trading room last Thursday I was quickly stopped of my USD/CHF long trade. Then the following move down of nearly 3000 points occurred in less than an hour! After I had my price re-calculated at the end of the days trading, my loss was considerably more than my original stop size! In this video I explain why this happened but also why despite losing more than my initial 1% risk I still got off lighlty compared to some other traders. This move was so big, so severe and so unexpected that it caused UK Forex broker Alpari to go into administration
Risk Management
This is a vital part of your Forex trading success. Always make sure you are enough of a disciplined trader to maintain safe risk levels on every trade you place. This means that when a freak occurrence happens, which some are describing as the biggest move in Forex trading history, you may experience a bigger than normal losing trade. However by managing risk effectively it will still be minimal compared to the vast majority.
So manage your risk correctly on each trade and this will mean you are around for the long term.
Forex trading is all about managing risk first and then allowing the profits to come!
Stay Safe
Ali Crooks – Professional Trader – Coach & Mentor
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Alright… Not one of the most exciting subjects we have ever covered, but definitely one of the MOST important.
Risk management is something so many traders “think” they have locked down, but actually what they are doing is taking themselves down a road of no return.
Both for them and their account balance.
And what’s worse…
There is a group that simply overlooks risk altogether, or takes some one-time advice that is usually completely inappropriate for them and the way they trade!
So how do you make sure you not only know what to do when it comes to risk management, but you ACTUALLY do it?
First Off…Know Your Numbers
Yes, it’s a small bit of maths, but knowing the simple multiples can save your account balance!
Let’s say you are risking 10% of your cash pot per trade.
But that only requires a 5 trade-losing run to be the best part of 50% down overall.
Oh well, I still have half my money.
Hang on!
You now need a 100% return on that balance JUST to get back to where you were 5 short trades ago.
Let that sink in for a second…
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