aimhi

I guess new traders should trade demo accounts provided by the brokers for few months before going to trade live. Trading demo accounts might seems to be tiring job however it helps getting familiar with the broker internal systems and processes. It also helps learn trading easily and absolutely no risk of loosing money.

I guess binary options trading can be another good option for trading options, as you only have to predicts the value of underlying assets. It does not involves hassling of making stop losses and take profit, simple call or put options with a specific time frame called expiry. It also allows ladder trading and early closure is also available in some contracts.

I guess the effective money management is taking risks of 1 - 5 % of your capital and invest wisely after making necessary due diligence.

I guess once you achieve your monthly goal then you should not exert and should make new plan for the upcoming week with more motivation.

If 90% is for analysis and 10% for money management, then what ratio can be allocated to emotions..?

Your loss might be the gain of other party who might have invested wisely, remember forex trading is a very professional market where mistakes can be turned into huge losses so invest safely by taking calculated risks.

I guess being a newbie you have to learn a lot as trading might be an easy job but making money with trading might requires a lot of practice and patience. All what i can suggest here is to start trading demo account and give some time learning how to trade with the virtual money. You can do it in your free time by continuing your primary jobs so that your source of income should not be disturbed. Once you think you are able to trade live and can earn some good bucks with it, start with minimum amounts and invest safely. Good luck!