Risk management

[Emma]

Hello there!


Remember the old and gold rule: Don't risk more than 2% of your account balance on a single trade.
The most boring part of the trading, but when I look on my 17 years old track records, losses are always result of breaking the risk management rules...

I'm conservatively starting with 0.01 lot,....please share what is your favorable lot size?

 

[UbezaK]

I just started last week, so I am also using the Slow settings. Still working on trying to find how to change settings and window views.

 

[AbidNazir]

Hello there!


Remember the old and gold rule: Don't risk more than 2% of your account balance on a single trade.
The most boring part of the trading, but when I look on my 17 years old track records, losses are always result of breaking the risk management rules...

I'm conservatively starting with 0.01 lot,....please share what is your favorable lot size?

Hi Emma, I agree on the 2% rule for risk management. Lot size preference varies based on factors like account balance and risk tolerance, It's important to find a comfortable lot size aligned with your risk management strategy. Good luck!

 

[Ronald]

I just started last week, so I am also using the Slow settings. Still working on trying to find how to change settings and window views.

Hi UbezaK,

Please visit the Technical Support section (thread Galileo FX Tutorial: How to Install & Use the Trading Bot - item #7 - settings and presets tutorial video)

Thanks,
Ronald

 

[Emma]

Hi Emma, I agree on the 2% rule for risk management. Lot size preference varies based on factors like account balance and risk tolerance, It's important to find a comfortable lot size aligned with your risk management strategy. Good luck!

But if you just don't want to spend your time calculating your risk, you can stick with the minimum size lot, this is something that will prevent those huge draw downs that newbies often experience ....