Forex Tips : Getting Your Money Management

Have a Good Money Management.
We must have some plan before going to invest our money. Even though we do not know how to play the games yet. We would not like to start as a baby level that we might have wasted a lot of bullets before shooting a real target.

Some questions to get you started:

 Define your 1st level,  1st risk and 1st rewards.
Define your 2nd level, 2nd risk and 2nd rewards.
Define your 3rd level, 3rd risk, and 3rd rewards.

Level means easy, medium, tough level
Risk means low, medium, high risk
Rewards means small, medium, high rewards

These are the logicals that we must have in mind. We do not simply jump into an investment that we make our assumption that it is an easy level, a low risk, and high return for everything that we are not experienced with.
 

A question of how much are we willing to risk for 1st level in order to get the reward. Do we have any backup plan?

Example:
USD1000 as investing capital.
20% locate for easy level, which is USD200.
The rewards should be 1:1, investing USD200, returning USD200
Decide how many trade to loss : 200 trades. USD1 per trade. USD0.01 per pips.
Decide how long to achieve :1 month
Decide your free time to trade : 3 hours per day
Decide your fix time to trade : 8pm - 11pm
Backup Plan if you lose the first battle USD100 : Study more?
Backup Plan if you lose the first battle USD200 : Study more?

This is the basic strategy to define the level that we are playing.

We definitely could not win if you putting everything into ONE level.

 Therefore your first reward 1:1 must be able to generate 1:5.

Meaning USD200 returns USD1000. 
Your initial USD1000 is back to the safe place.
To get into 2nd level, using the first level to generate until USD10000 as capital, this is the time for studying more how to make the 2nd level strategy.

 Do not mix your 1st working strategy with other strategy. This is the mistake when a working strategy become not working at all because it is the truth that one strategy doesn't fit all level.

Why do we make ourself so hard? Well, when we are young, we didn't bother much about money? All we have done is study and study. It took more than 10 years to get into what we are now. We learn how to communicate by seconds, we learn how to use internet by months, we learn how to use a phone within one day, we learn how to drive a car by weeks. This is how education takes us so far.

 For forex, it is not something you could learn by seconds, we must make ourselves comfortable with this investment and make the learning time shorter based on our own initiative and the determination of choosing this investment over other investment.