Can you share your experience trading with a small account? What was your initial balance, and how long did it take for you to see substantial progress?
I would suggest you forget small live accounts, and focus on learning from this great educarion site to practice and experiment with a demo account until you have developed a profitable strategy and process. This could take years…
Otherwise, you will probably blow your account, as do the majority of new traders. .
Best of luck
I agree with steve369 and would recommend trading on demo accounts until you can be consistently profitable. I’m assuming your at the beginning of your trading journey, I apologise if I’m wrong about that.
But if you are at the beginning I would recommend that any money you have that you wanted to open your small live account with could be better used buying training materials such as a course, books etc etc.
Maybe start with the free course here on babypips as it will give you all the basic knowledge you need before you move onto more advanced training materials.
My experience trading a small account was awful. My human nature comes to play, and I couldn’t subject them - the greed & fear. I won’t advise from my experience trading a small account.
A bigger account does not make being a profitable trader easier. A small acount does not make it harder.
It’s like the size of the engine in your car - doesn’t make any difference what size it is if you are lost without a map.
A lot of people on here seem to be going the wrong way,
Lots of information that will not help them become profitable.
Thanks for the heads up. Why dont you show us the right way?
Well, yes, that’s a drum that I keep banging. Many new traders think that the people who know most make the most money. This is something which I suppose is still being pushed at then by school systems which demand only high test scores, nothing more, from their pupils.
More important in life and in trading to have the right skill, the right abilities, a stronger work ethic, plus a winning spirit, driving ambition and at some point willingness to take a risk.
Ok I wish I had the time to but curemtly have a 1 year old driving me insane.
the computers algos will ruin any short term trading system you try to use think longer term ,1-3 months
Don’t base your trade on chart patterns indicators signals or any other get rich quick ideas.
80% fundamentals(( 20% technical (only used to time entry into trade ))
You need a repeatable template / system that you can use in any market not just forex a money management system and risk management system in case your wrong not just a stop loss.
I was also nieve when I first stumbled upon trading but since then I learned there is a professional way of doing it.
I cannot imagine making trading decisions based 80% on fundamentals.
Unless you mean fundamental effects but as deomstrated by charts, such as in to Dennis’s Strong/Weak approach to the currencies: I use a similar S/W method to make sure I am never long weak currencies.
The shorter the time frame the algos have the upper hand the longer time frame the variables are more unpredictable which gives a trader more chance if he / she has a grasp of the fundamentals macro economics of the instruments they wish to trade
Also volatility at the right time is a traders best friend / or worst enemy if they are wrong.
Honestly, I think the issue here is that some people have the opinion that there is only one way to trade correctly and that’s the way they do it. Nothing can be further from the truth, there is multiple ways to trade and make a profit. What works for one trader may not work for another, that doesn’t mean its wrong.
As way of an analogy, if you give 100 people the exact same set of painting equipment and asked them to paint the exact same mountain, you’ll get 100 different pictures of that mountain. All the pictures are correct, but all are different.
If I was to find 100 different successful profitable traders and gave them all $100,000 and asked them to trade EURUSD for the exact same 6 hour period of the same day. All of them will use different strategies and all of them will end up with a different account balance at the end.
Also, people need to take into account that traders on this platform are both here to help and also to learn. So rather than criticise someone, it may be more beneficial to offer help and guidance.
no indeed - and least of all a retail forex-trader: that’s either deliberate trolling or just plain nonsense, hopefully nobody will take it seriously, anyway
You should get some type of reward for that response. I couldnt have said it any better.
They both go together - the ECB said in a nutshell yesterday we are pretty much done now with the rate rises - guys sold the Euro on that and Euro/Usd fell like the proverbial stone.
Then this morning early European time the FT was reporting a few ECB hawks were saying ‘hold on a minute, it will be down to the numbers, we can raise some more’ - and in came the bargain hunters on that report - up goes the Euro.
That’s the FA 100%
Then in comes the TA algos - where does the selling stop - previous daily lowest (May 31st) - they figure there must be unmatched buy order left behind at that level - think they call it ‘support’. - anyways good place for bargain hunters.
So then this morning UK time price was already curving up (on back of the FT report) and then given wind in the sail by Lagarde “we will set rates for as long as needed” and Kazaks “not a dovish hike” - so where to get out?
Simple - at the halfway mark from yesterday’s drop - bargain hunters like a quick bargain.
What is the range of a small account to begin with? $100 may be big or small…and so is $1000.
A very small account is one from which which your percent risk per trade is forced to be more than 2 percent because the position size is so small.
My experience wasn’t that good actually because I got three of my initial balances crashed within the span of a few months.
to start with small ac ,it helps to bring you back to the real world of trading ,experience your greed and fear,so you can move to next phase.
i first start with $200,lose $100 in 3 months ,stop and cash out ,carry on my study and cash in 11 years later,when i think im fully ready.