It is important to manage the money in the forex trading because there are many people who do not consider the money management and they lose everything in a few days. Even if you do not consider the money management then you might be bankrupt. So it is very important that you consider the money management and always try to invest a small part of the money in the forex trading so that if you lose the money, it will not be a huge amount. There are many money management methods and software available through which you would be able to save your money.
If you want to do forex trading on TenkoFX platform, then you should initially open a cent account. Through the cent account, you will learn about the sell and purchase on the forex trading. If you lose the money then it would be in cents and it is bearable. But if you open the live account and invest the good amount of money and loses all the money, then it would be very hard movement for you.
If you try to open multiple position at a time, then It can be risky taking because the price can be reduces or goes up of your currency purchase due to which you can face profit and lose both the thing. However, it depends on the market price. Through opening the multiple position you can increase profit or lose the money but risk will remain constant because you do not know what is going to happen next.
Do not invest all of your money, only invest some part of your money. So that if you start losing the money, then you keep safe side and you could take out money, if need. It is one of the best money management examples for the forex trading.
Always keep the records of your past sell and purchase so that you next time when you start doing forex trading through TenkoFX broker site, then you can recall that when you got the loose and at which point, you should take decision intelligently. It is very important to keep past records so that you do not get loose again for the same mistake. Those traders who ignore such things and do not consider past statics, they do not become successful trader ever.