Money Pro 1 9 – Manage Money Like A Prof



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An important aspect of forex trading success is taking the correct position size on each trade. A trader position size or trade size is considered more important than your entry or exit point especially in forex day trading. You might have the best trading strategy but if you do not have proper trade size, you will end up facing risks. Finding the proper position size will keep you within your risk comfort level is relatively safe.

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In forex trading, your position size is how many lots (mini, micro or standard) you take on your trade.

We can divide the risk into two parts −

  • trade risk
  • account risk

Determining your Position Size

Follow these steps to get the ideal position size, irrespective of the market conditions −

Step 1: Fix your account risk limit per trade

Set aside the percentage amount of your account you are willing to risk on each trade. Many professionals and big traders choose to risk 1% or less of their total account on each trade. This is as per their risk taking capacity (here they can deal with 1% loss & the other 99% amount still remains).

Risking 1% or less is ideal but if your risk capacity is higher and you have a proven track record, risking 2% is also manageable. Higher than that of 2% is not recommended.

For example, on a 1,00,000 INR trading account, risk no more than 1000 INR (1% of account) on single trade. This is your trade risk and is controlled by the use of a stop loss.

Step 2: Determine pip risk on each trade

Once your trade risk is set, establishing a stop loss is your next step for this particular trade. It is the distance in pips between your stop loss order and your entry price. This is how many pips you have at risk. Based on volatility or strategy, each trade is different.

Sometimes we set 5 pips of risk on our trade and sometimes we set 15 pips of risk. Let us assume you have 1,00,000 INR account and a risk limit of 1,000 INR on each trade (1% of account). You buy the USD/INR at 66.5000 and place a stop loss at 66.2500. The risk on this trade is 50 pips.

Step 3: Determining your forex position size

Money Pro 1 9 – Manage Money Like A Prof

You can determine your ideal position size with this formula −

Pips at Risk * Pip Value * Lots traded = INR at Risk

It is possible to trade in different lot sizes in forex trading. A 1000 lot (called micro) is worth $0.1 per pip movement, 10,000 lot (mini) is worth $1, and a 100, 000 lot (standard) is worth $10 per pip movement. This applies to all pairs where the USD is listed second (base currency).

Consider you have $10,000 account; trade risk is 1% ($100 per trade).

  • Ideal position size = [$100 / (61 * $1)] = 1.6 mini lots or 16 micro lots

Creating a Forex trading spreadsheet to track your performance

Creating and maintaining a forex trading spreadsheet or journal is considered a best practice, which not only helps an amateur forex trader but also a professional trader.

Why do we need it?

We need a trading spreadsheet to track our trading performance over time. It is important to have a way to track your results so that you can see how you are doing over a couple of trades. This also allows us to not get caught up on any particular trade. We can think of a trading spreadsheet as a constant and real reminder that our trading performance is measured over a series of trades not only based on one particular forex trade.

Not only we keep track of our trades with the help of spreadsheet, we keep track of trends with different currency pairs, day after day, without layers of technical indicators.

Consider this sample of a forex trading spreadsheet −

Documenting your forex trading activity is necessary and serves as a helpful component to becoming a professional forex trader.

Foreign Exchange Risks

Every country has its own currency just as India has the INR and the USA has USD. The price of one currency in terms of another is known as exchange rate.

The assets and liabilities or cash-flow of a company (like Infosys), that are denominated in foreign currency like the USD (US dollar) undergo a change in their value, as measured in domestic currency like the INR (Indian rupees), over a period of time (quarterly ,halfyearly etc.), because of variation in exchange rate. This change in the value of assets and liabilities or cash flows is called the exchange rate risk.

So, foreign exchange risk (also called “currency risk”, “FX risk” or “exchange risk”) is a financial risk that exists when the company financial transaction is done in currency other than that of the base currency of the company.

This uncertainty about the rate that would prevail on a future date is known as exchange risk.

An important aspect of forex trading success is taking the correct position size on each trade. A trader position size or trade size is considered more important than your entry or exit point especially in forex day trading. You might have the best trading strategy but if you do not have proper trade size, you will end up facing risks. Finding the proper position size will keep you within your risk comfort level is relatively safe.

In forex trading, your position size is how many lots (mini, micro or standard) you take on your trade.

We can divide the risk into two parts −

Money Pro 1 9 – Manage Money Like A Professional

  • trade risk
  • account risk

Determining your Position Size

Follow these steps to get the ideal position size, irrespective of the market conditions −

Money Pro 1 9 – Manage Money Like A Professor

Step 1: Fix your account risk limit per trade

Set aside the percentage amount of your account you are willing to risk on each trade. Many professionals and big traders choose to risk 1% or less of their total account on each trade. This is as per their risk taking capacity (here they can deal with 1% loss & the other 99% amount still remains).

Risking 1% or less is ideal but if your risk capacity is higher and you have a proven track record, risking 2% is also manageable. Higher than that of 2% is not recommended.

For example, on a 1,00,000 INR trading account, risk no more than 1000 INR (1% of account) on single trade. This is your trade risk and is controlled by the use of a stop loss.

Step 2: Determine pip risk on each trade

Once your trade risk is set, establishing a stop loss is your next step for this particular trade. It is the distance in pips between your stop loss order and your entry price. This is how many pips you have at risk. Based on volatility or strategy, each trade is different.

Sometimes we set 5 pips of risk on our trade and sometimes we set 15 pips of risk. Let us assume you have 1,00,000 INR account and a risk limit of 1,000 INR on each trade (1% of account). You buy the USD/INR at 66.5000 and place a stop loss at 66.2500. The risk on this trade is 50 pips.

Step 3: Determining your forex position size

You can determine your ideal position size with this formula −

Pips at Risk * Pip Value * Lots traded = INR at Risk

It is possible to trade in different lot sizes in forex trading. A 1000 lot (called micro) is worth $0.1 per pip movement, 10,000 lot (mini) is worth $1, and a 100, 000 lot (standard) is worth $10 per pip movement. This applies to all pairs where the USD is listed second (base currency).

Consider you have $10,000 account; trade risk is 1% ($100 per trade).

  • Ideal position size = [$100 / (61 * $1)] = 1.6 mini lots or 16 micro lots

Creating a Forex trading spreadsheet to track your performance

Creating and maintaining a forex trading spreadsheet or journal is considered a best practice, which not only helps an amateur forex trader but also a professional trader.

Why do we need it?

We need a trading spreadsheet to track our trading performance over time. It is important to have a way to track your results so that you can see how you are doing over a couple of trades. This also allows us to not get caught up on any particular trade. We can think of a trading spreadsheet as a constant and real reminder that our trading performance is measured over a series of trades not only based on one particular forex trade.

Not only we keep track of our trades with the help of spreadsheet, we keep track of trends with different currency pairs, day after day, without layers of technical indicators.

Consider this sample of a forex trading spreadsheet −

Documenting your forex trading activity is necessary and serves as a helpful component to becoming a professional forex trader.

Foreign Exchange Risks

Every country has its own currency just as India has the INR and the USA has USD. The price of one currency in terms of another is known as exchange rate.

The assets and liabilities or cash-flow of a company (like Infosys), that are denominated in foreign currency like the USD (US dollar) undergo a change in their value, as measured in domestic currency like the INR (Indian rupees), over a period of time (quarterly ,halfyearly etc.), because of variation in exchange rate. This change in the value of assets and liabilities or cash flows is called the exchange rate risk.

So, foreign exchange risk (also called “currency risk”, “FX risk” or “exchange risk”) is a financial risk that exists when the company financial transaction is done in currency other than that of the base currency of the company.

This uncertainty about the rate that would prevail on a future date is known as exchange risk.

Manage money like a pro

bill planning, budgeting, keeping track of accounts and more

Money Pro® for Windows PCs

Money Pro

Money Pro® is the one place for bills, budgets and accounts to manage your money properly. If you have a spending side to you this expense tracker is just what you need. Money Pro works great for home finance management, control of travel budget and even for tracking business expenses. The app exists from 2010 on iOS/Mac (over 2.5 mln downloads worldwide) and now is available on Windows.

Money Pro is a simple tool to track and manage your finances with ease and deep understanding. It will help you cut spending, achieve financial goals and become financially free.


Calendar

  • Mark days on the big calendar when your bills are due.
  • Schedule recurring bills with custom periodicity.
  • Filter transactions by selecting dates on the calendar.

Bills due notifications

  • A whole system of reminders will alert you of upcoming bills.
  • Quick rescheduling option will help you deal with bills due (tomorrow, in 3 days, next week).

Budgets

  • Create budgeted entries, both for your income and expenses, and indicate budget limits for each entry.
  • You may set different budget limits for every period, which is useful if you plan to reduce your spending gradually month by month.
  • Start adding every transaction you have, and see progress of each category and the overall progress.
  • Monitor visual indicators for budget overspending.
  • Select the category you want to analyze and examine a budget trend chart generated on the fly.

Money Pro 1 9 – Manage Money Like A Profile


Budget rollover

  • You can set budgets to transfer the leftover of the current period to the next budget period.
  • Budget rollover limits your spending automatically if you overspent in previous periods.

Checkbook register

  • Unlimited number of accounts in one place (checking, savings, credit card, etc).
  • Setting transactions as recurring or as one-time only.
  • Balance change history.
  • Additional fields for organizing your records including payee, description, check #, class (personal/business travel expenses).
  • Attachment of receipt photos.

Account reconciliation

  • You can record transactions and clear them later on (reconcile).
  • Automatically calculated available balance and cleared balance.

Split transactions

  • You can split a transaction into multiple categories which is extremely useful when you shop at mega stores and pay for multiple items at once.

Money Pro 1 9 – Manage Money Like A Profession

Search

  • Search transactions by amount, category, description, payee, etc.

Detailed reports

  • Income/Expenses
  • Cash flow
  • Transactions
  • Assets/Liabilities (net worth)
  • Projected balance
  • Net Worth
  • Trend chart for days/weeks/months/years

Multiple profiles

  • You can set multiple profiles and track your finances separately for home budget and your small business.
Money Pro for Mac