However, a lot of forex traders have, or are, starting out from a small account.. If so, share your experience and story.. What style of trading did you do.. How long did it take? And what advice can you give for other traders starting out with micro-accounts? The reason I ask is because, on a large account, even pips is still an ok profit, whereas on a micro-account obviously trading small lots that same trade would only be cents, so it will be interesting to see how you grew your micro-account and hearing your story.
I would suggest trading 0. Once your trade is in profit secure it with a stop and look for the next trade. Don't open new trades while you are showing a loss. Be prepared to wait for the trend to turn in your direction, it won't always happen straight away. Growth is all relative to size, of course I was all ready to give up on the account, with less than Pounds left, but I stuck with it and used very small. The more charts you look at during each day, the more levels you would.
So, it was a 'success' story for me, but there is no guarantee that it will be the same in the future, so the 'exponential'. Even if I did end the year with. Some changes will happen within you, some outwith you in the market area that you trade , so nobody knows, truly,. That is how I intend to proceed at the end.
I am not sure what you mean by 'professional' traders I am not, obviously I am not registered as a trading business. Maybe I should start a group here called the 'ATC'? Amateur Traders' Club It may catch on. It was a slow progress though. I also lost usd in 2 days. That was my learning stage. You say that's slow progress.. I'd say that's pretty good progress lol.
Could you shed some light on what style of strategy you have? The number one mistake most newbies make when trading Forex is they are trading more than 0.
You know the old saying. If it sounds to good to be true it is! I do it because I like it, but if I ever am able to say I made my fortunes in FX this would be the first place to announce it! My main problem is my work schedule. I am still trying to work around that.
Small accounts or smaller lot percents are a good way to test the waters. When one feels comfortable with going big then adding to the lot size or risk is probably a good bet. At least in a small account with smaller risk per trade say.
Like any business it is money management. If a business net value of 10 billion losses 1 million in a quarter they value it as a loss, same with a business net value of 1 million or dollars, either one when having a loss in any percentage will take it as a loss and try to regain that loss usually in spending, like controlling inventory or labor costs, so with FX it's the same, it is a business so you got to look at it that way.
Especially when your money is on the line, but at least the only shareholder is you, unless you have other traders working under you or for you. If that makes any sense. I guess it's because he is more like a gambler with a bad money management who trusts in luck.
Thanks for you reply maxiipriestt! Your story sounds a lot like mine.. So my struggle at present is turning around the profit and loss ratio so I can at least break even after a losing streak.. Trading on a demo account furiously and testing lot sizes etc has taught me that it's actually better to go way smaller than you want to, locking in small profits, rather than increasing your lot size.
I found that winning streaks do run out, no matter what strategy you have so if your lot size is too big, your losing streak ends up destroying your account. I'm now back to using 0. Yes I grow my small account in slow manner. I withdraw some percentage of profit and rest of the amount is to grow my capital. I do not take high risk with my money I have to choose appropriate risk in any trade so that I can easily manage my account.
I am contented on low profits too than of loosing a big amount. I hope someone reply to this forum, I have been on these forums for so long and I have yet to see an actual bank balance or an actual live mt4 balance.
Every ones a teacher but no one can drop a bread crumb. It would be nice to see some proof and hear some stories. Of course there will always be rare exceptions to that rule, but if they do indeed exist on Babypips they would have no problem evidencing it when requested to do so! Most of the successful super traders went underground or at least outside of public forums like this. Those who brave themselves to go public were treated inappropriately and some times with harsh remark.
Thanks for you input.. I've always been skeptical of these systems as my thinking is "if it were that easy then surely everyone would be doing it"..
Did you grow a small account? I agree with EddieB I was all ready to give up on the account, with less than Pounds left, but I stuck with it and used very small exposure, focussing on a very small area of the market: Memorising those levels really helps to speed things up The more charts you look at during each day, the more levels you would have to remember, and the less secure your knowledge and memory of those levels becomes Some changes will happen within you, some outwith you in the market area that you trade , so nobody knows, truly, how 'success' today will translate into 'success' next week, month, or year What is your situation, Davenz?
The dodgy use of green screen says it all!. Here's the real secret of Forex. Good ideas to put into practice, very good info. Don't hold your breath, because you won't see it on these types of forums.
You won't see them posting proof on forums. But they do existMore...