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Forex money management is often talked about but equally often ignored by a lot of traders – names like Nick Leeson and Jerome Kerviel spring to mind as traders who risked rather more money than was sensible. But what can you do to ensure that your own money management is sensible whilst still allowing you to grow your bank at a pace that is quick enough to keep you interested in trading?

Don’t risk too much per trade

Regardless of the results of your paper trading, placing real money on real trades is a completely different feeling. It’s one thing to paper trade at 2% or even more of your bank but those figures are only play money and deep down you know that’s true. If you blow up your bank on a demo Forex account, no worries, you can re-start. But if you do the same thing in real life, it’s a different story.

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A few years ago, if you had bad credit or were neck-deep in debt, you were virtually on your own. You would not have been able to get any help. Counseling and management were essentially unknown to most borrowers. Besides, these were not things most people talked openly about back then. Fast forward to today. People are no longer hesitant to openly talk about their debt situation and there are literally thousands of companies today offering help counseling, restoration and repair.

It is comforting to know that you have no shortage of services available to help you control your debt. However, not all companies offering credit counseling and repair services are legitimate. In fact, for every legitimate counseling service, you can bet there is at least a dozen shady ones.

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