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 How to Improve your Money Management Skills



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It is undeniable that currency trading or commonly known as Forex trading is becoming popular among investors. However, more and more traders find out early on their trading careers that it is difficult to become a successful trader. One huge factor that hinders traders to profit in the Forex market is their improper money management tactics.
Trading Forex is a business of making money so for a trader to make more cash, he needs to learn how to manage it effectively. A lot of traders get too excited to start trading right away without thinking much of their account size. This can now be considered as gambling instead of trading.
Even with an effective trading strategy in place, a trader will keep on losing money once a gambler's mindset develops in his head. Good money management skills are essential in order to cope with this very serious problem.
Money management strategy is important to control exposure to risk. Every trader is advised never to risk more than 2% of their account on any singular currency pair. Two percent capital at risk is a recommended industry standard for maximum risk in a trade. But that number is based on your win to loss ratio with your risk to reward ratio.

For instance, if you risk five percent of your account that represents the dollar amount that if you lost twenty times in a row, your account would be completely depleted. So as you can see in trading, there are wins and losses it’s part of the business. It’s a business of probabilities and therefore you need to manage your risk in a way that your account would never be depleted.
Another recommended money management tip is to slowly yet steadily build your trading pot. The key is to use compounding. For instance even if you start off with a small amount of capital, you can still become extremely wealthy if you manage to grow your account by just 3% every single month.
Setting up money management rules prepares a trader every time a losing streak strikes. When that arrives, the trader will still have enough capital to trade with.

Management 101

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What is management? What do managers do? How do I manage? These are standard questions that most of us in the management profession have been asked more than once. And questions we asked once in our careers too. Here, then, is a basic look at management, a primer, Management 101 from my perspective. Art and Science Management is both art and science. It is the art of making people more effective than they would have been without you. The science is in how you do that. There are four basic pillars: plan, organize, direct, and monitor. Make Them More Effective Four workers can make 6 units in an eight-hour shift without a manager. If I hire you to manage them and they still make 6 units a day, what is the benefit to my business of having hired you? On the other hand, if they now make 8 units per day, you, the manager, have value. The same analogy applies to service, or retail, or teaching, or any other kind of work. Can your group handle more customer calls with you than without? Sell higher value merchandise? Impart knowledge more effectively? etc. That is the value of management - making a group of individual more effective. Basic Management Skill #1: Plan Management starts with planning. Good management starts with good planning. And proper prior planning prevents… well, you know the rest of that one. Without a plan you will never succeed. If you happen to make it to the goal, it will have been by luck or chance and is not repeatable. You may make it as a flash-in-the-pan, an overnight sensation, but you will never have the track record of accomplishments of which success is made. Figure out what your goal is (or listen when your boss tells you). Then figure out the best way to get there. What resources do you have? What can you get? Compare strengths and weaknesses of individuals and other resources. Will putting four workers on a task that takes 14 hours cost less than renting a machine that can do the same task with one worker in 6 hours? If you change the first shift from an 8 AM start to a 10 AM start, can they handle the early evening rush so you don't have to hire an extra person for the second shift? Look at all the probable scenarios. Plan for them. Figure out the worst possible scenario and plan for that too. Evaluate your different plans and develop what, in your best judgement, will work the best and what you will do if it doesn't.
    TIP: One of the most often overlooked management planning tools is the most effective. Ask the people doing the work for their input.
Basic Management Skill #2: Organize Now that you have a plan, you have to make it happen. Is everything ready ahead of your group so the right stuff will get to your group at the right time? Is your group prepared to do its part of the plan? Is the downstream organization ready for what your group will deliver and when it will arrive? Are the workers trained? Are they motivated? Do they have the equipment they need? Are there spare parts available for the equipment? Has purchasing ordered the material? Is it the right stuff? Will it get here on the appropriate schedule? Do the legwork to make sure everything needed to execute the plan is ready to go, or will be when it is needed. Check back to make sure that everyone understands their role and the importance of their role to the overall success. Basic Management Skill #3: Direct Now flip the "ON" switch. Tell people what they need to do. I like to think of this part like conducting an orchestra. Everyone in the orchestra has the music in front of them. They know which section is playing which piece and when. They know when to come in, what to play, and when to stop again. The conductor cues each section to make the music happen. That's your job here. You've given all your musicians (workers) the sheet music (the plan). You have the right number of musicians (workers) in each section (department), and you've arranged the sections on stage so the music will sound best (you have organized the work). Now you need only to tap the podium lightly with your baton to get their attention and give the downbeat. Basic Management Skill #4: Monitor Now that you have everything moving, you have to keep an eye on things. Make sure everything is going according to the plan. When it isn't going according to plan, you need to step in and adjust the plan, just as the orchestra conductor will adjust the tempo. Problems will come up. Someone will get sick. A part won't be delivered on time. A key customer will go bankrupt. That is why you developed a contingency plan in the first place. You, as the manager, have to be always aware of what's going on so you can make the adjustments required. This is an iterative process. When something is out of sync, you need to Plan a fix, Organize the resources to make it work, Direct the people who will make it happen, and continue to Monitor the effect of the change. Is It Worth It Managing people is not easy. However, it can be done successfully. And it can be a very rewarding experience. Remember that management, like any other skill, is something that you can improve at with study and practice.

Level 1 Management Skills
Management Skills For Beginners

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Management Skills Pyramid Level 1 (c) 2009 F. John Reh
Management Skills Pyramid Level 1 (c) 2009 F. John Reh
F. John Reh
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Level 1 of the Management Skills Pyramid shows the basic skills any beginning manager must master. It is the foundation of the management skills pyramid, which shows the skills a manager must master to be successful and shows how these management skills build on each other toward success.

Basic Management Skills

There are four basic management skills anyone must master to have any success in a management job. These four basic skills are plan, organize, direct, and control and are discussed separately in detail below.

Plan

Planning is the first and most important step in any management task. It also is the most often overlooked or purposely skipped step. While the amount of planning and the detail required will vary from task to task, to skip this task is to invite sure disaster except by sure blind luck. That's what gives us the adage of the 6 P's of planning (or 7 P's depending on how you count). More Articles On Planning Although most people associate the term planning with general business planning, there are also different levels of planning:
And there are different kinds of planning:

Organize

A manager must be able to organize teams, tasks, and projects in order to get the team's work done in the most efficient and effective manner. As a beginning manager, you may be organizing a small work team or a project team. These same skills will be required later in your career when you have to organize a department or a new division of the company. Clearly, there is a lot of overlap between planning the work and in organizing it. Where planning focuses on what needs to be done, organization is more operational and is more focused on how to get the work done best. When you organize the work, you need to:
Whether you have been assigned a small team or a project to manage, beginning managers must also be able to organize offices and data systems. You may not be able to physically move people around in order to get your team together, but you should consider it. On the other hand, you may need to move several people into a small space and you will have to organize things so the team can work effectively within that space. Later in your career, you may need to organize an office to accommodate teams from several different departments and their specific needs. You will also need to be able to organize all the systems that will handle the data your team needs to collect or distribute. These days, those are probably computer systems. You must decide whether, for example, you need to set up shared web pages on the company's intranet or just a shared folder on the file server. How are you going to organize the systems so everyone who needs information has access to it (and that it is not available to those who should not see it, like your competitors)? If your team needs or produces something other than information, you must organize so that your team gets what they need, when they need it, and can get out to others what your team produces at the right time. Don't forget about organizing yourself. We will go into this at a higher level in Level 3 of the Management Skills Pyramid, but even as a beginning manager you must be able to organize yourself, your time, and your space so you can be most effective. Here are some articles that can help you manage yourself effectively. Finally, remember, that it is seldom enough to organize things once. With constant changes in resources, goals, and external factors you will usually need to reorganize to adjust for them.

Direct

Directing is the action step. You have planned and organized the work. Now you have to direct your team to get the work done. Start by making sure the goal is clear to everyone on the team. Do they all know what the goal is? Do they all know what their role is in getting the team to the goal? Do they have everything they need (resources, authority, time, etc.) to do their part? Pull, Don't Push You will be more effective at directing the team toward your goal if you pull (lead them) rather than push (sit back and give orders). You want to motivate the people on your team and assist and inspire them toward the team goals.

Control

Some writers try to "soften" this skill by calling it "coordinate" or similar terms. I prefer the stronger term, control, because it is essential that the manager be able to control the team's activities. In the steps above, you have planned the work, organized the resources to make it happen most efficiently, and directed the team to start work. In the control step, you monitor the work being done. You compare the actual progress to the plan. You verify that the organization is working as you designed it. If everything is going well, you do not need to do anything but monitor. However, that seldom happens. Someone gets sick, the database sort takes longer each iteration than projected, a key competitor drops their prices, a fire destroys the building next door and you have to evacuate for several days, or some other factor impacts your plan. The control step now dictates that you have to take action to minimize the impact and brings things back to the desired goal as quickly as possible. Often this means going back to the planning stage and adjusting plans. Sometimes it may require a change in the organization. and you will have to re-direct everyone toward the new goals and inspire them. Then, of course, you control the new plan and adjust if needed. This cycle continues until you complete the task. Managers Control Tools In the control step, you set standards for performance and quality and then you monitor to make sure they are met. There are as many tools available you as there are things you need to monitor.
  • Scheduling tools - a number of software tools allow you to input your schedule and then update progress regularly. The program will highlight changes in the schedule so you can identify corrective action to take.
  • Financial controls - as a manager, you will usually have a budget. The reports from the Finance Department will let you know how your spending (on people and other resources) matches the plan.
  • People controls - you must make sure all the people on your team are performing as planned. If they are not, you need to find and fix the cause. Do they not understand the goal? Do they not have some resource or skill they need? Is the task too big for them and needs to be modified or assigned to a different resource? Your job as the manager means giving your team members feedback on how their performance meets the plan. When it doesn't, you need to take corrective action. Here's how to give negative feedback to your team members in a productive way

Leadership

By , About.com Guide to Management
Leadership is much more than management. Leaders have vision and can move a group of people toward that vision. Learn how to move beyond management and become a leader.
  1. Becoming A Leader
  2. Improving Your Leadership Skill
  3. Leadership Traits and Skills

Becoming A Leader

As with so many other things, the first step in growing from a manager to a leader is understanding the difference. This section provides descriptions and examples of leaders and leadership for you to emulate.

Improving Your Leadership Skill

Leadership is a skill that can be learned. Here are some tools to help you improve your leadership skills.

Leadership Traits and Skills

Leaders must develop many skills and exhibit many traits. You can learn these skills and traits and become a better leader.
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