I wrote about Risk vs Gamble
And I said, it's about mony management
It is an important topic which I often review and try to improve mine regularly.
Watch this video:
Millennials seem to have better money management habbits than Gen Xers & baby boomers. This is good news for next generation and warning for mid-age traders!
What is obvious is, an ongoing process of developing skills and knowledge about money management and different financial processes is crucial for those who seek:
- passive income
- nice retirement
- sustainable trading
Read this book
"Trading for a Living: Psychology, Trading Tactics, Money Management"by Dr. Alexander Elder
https://www.amazon.com/Trading-Living-Psychology-Tactics-Management
/dp/0471592242
In the end, I have to repeat:
Trading is more about money management than strategy. In fact people are wasting time learning so many complicated strategy.All you need is 30% strategy and 70% discipline to stick to the strategy’s entry and exits.