Hellooo! I finally have some spare money from my part time jobs and I now have funds to add to my live account. But before I do, I just wonder, how frequently do you guys add to the capital of your live accounts, if you add at all?
In the past , when I did not have enough money, I cut my entertainment fund for trading. I added around 200-300 USD every month into my trading account. Within a year, My balance was about 5k.
Always do everything within your limit. I grew everything from small. I never do thing beyond my limit anymore.
I donāt, now.
In earlier years, I used to, when I had an extra $200 or whatever that I could afford to deposit, but I used to do it in a different way: rather than adding it to an existing account, I used to open a new, small account with it and use that account for a different, less secure, more experimental method (according to whatever Iād been playing around with and developing on demo accounts at the time).
These little additional accounts, usually started with $200 but sometimes with as little as $100, Iād use for something ātried and tested on demoā but still higher risk than my main account, and with bigger position-sizes (as a percentage of the account, I mean - they were smaller amounts of money). To see if I could grow a small account relatively quickly.
Of course I quite often blew it and lost the $100 or $200 account (or almost all of it), but I had kind of budgeted for that anyway, and occasionally Iād have a luckier run with something, and grow the account quickly to $1,000 or $2,000, and then from there I was much more sensible and conservative with the position-sizes.
It all sounds a bit haphazard and reckless in hindsight, maybe, but I was always using some method that Iād first tried and tested on demo, and sometimes I got away with it, and it was all in accordance with my aim of having additional methods lined up and ready to be used in case my main one stopped working. Because I didnāt want to be dependent on only one method.
Wow. Iām also planning to cut some of my eating out expenses to invest more back into my account. Did you observe any differences in your trading as you added more money to your account? Like, did you become more confident, or did you become more cautious because you had a hefty sum on there already?
Thatās a very interesting approach, Hetero! I feel like it must have taken a lot of discipline and organization skills to be able to manage the little additional accounts all at the same time. But itās also interesting to see that you were a bit bolder in these accounts, compared to your main account. Just goes to show that you were really fine with whatever happens to the money here.
That makes sense. And then if you see a strategy working great on one of your little accounts, do you also apply it to the trades on your main account?
I wonder what made you stop with this approach though.
I let it grow (if it will!) into a āmain accountā of its own, by dialing down the risk and cutting down the position-sizes (as a proportion of account-size) if it turns out to be worth taking more seriously.
I have enough to do now, lol - two āmain systemsā and two more āreservesā, and one of the reserves is quite good, I think/hope! How about you, Ria Rose? Are you doing ok?
Nice. I wish I could also follow such a disciplined approach.
I recommend this method because I had experienced stopped out an 800k++ account in one night. I had no hard feeling since I grew the account from 2k. I was proud and careless back then.
It gave me a shock but it altered my arrogance. If I canāt manage small money, I wont be able to grow big.
By using my pocket money, if I loss the money there is no psychological effect. It will be money I will use to buy snacks. If I can grow the money, it will boost my confident.
When I add some more money, It is also my āsnackā money. The challenge is how to keep my money management intact facing our fear and greed.
The point is, if I fail I loss only my āsnackā money and if I win over my fear and greed, my trading psychology will get enhancement.
Luckily, I manage to control my fear and greed. The reward is my growing account. When you have a good discipline and money management, the volume wont be an issue. The feeling of trading with 0.01 or 10 lot wont be much different. You will know exactly the requirement to open 0.01 or 10 lot positions.
Hey! Thatās awesome that you have some extra money to put into your live account!
As for adding to the capital, it depends on the person.
Some folks top up their trading account monthly, while others wait until they find some extra cash or hit a jackpot trade.
If youāre seeing profits, go ahead and add more. If not, maybe Just sit tight and hope your next trade hits the big time!