Beginner traders should focus on money management. There are many strategies to choose from in the foreign exchange market. But strategies are not facts. You would be a loser trader if you do not have proper money management. It is true that every trader comes for profit, but only 5% of them are winners and 95% are losers. You can use any trading strategy to profit sure, but if you do not have proper money management, you might lose. Therefore, I recommend that you take no more than 10k (10,000 pips) pips risk on your first deposit. This is because the market will not move 10000 pips in a short time. For any currency pair, you can either buy or sell. Take profit 100, 200, or 300 pips. For Forex trading, I prefer the MACD indicator.

Money management can be overwhelming to newbies. After all, not everyone is born with a knack for managing their finances. For that reason, this article is being written to share some of the most important money management tips for newbies. Track your expenses-it's easy to spend money when there is no way to keep track of it, so keeping in touch with your spending is easy if you have a budget in place.

There is no doubt that money management is important and traders need to take it seriously as at the end of the day it will impact their profits, or losses. There are different money management techniques that one can use, but it is important to feel confident with what you use, and to combine them with risk management techniques too.