For forex traders who often lose when trading using small capital, these tips shared may be beneficial for you.
Train Yourself To Be More Patient
The big mistake traders with small capital accounts have is that they want a quick profit but do not match their account.
They will think that it is not worth it to trade if it produces a small profit when there is already a lot of time allotted when facing chart trading.
So the first challenge is, you need to be more patient to trade small accounts than other traders who trade with large capital.
Focus On Process, Not On Profit
If you are a running athlete, do you have to think about who you need to beat, compared to what you need to improve and prepare yourself to win the race?
Trading on small accounts requires you to focus on your trading process. The results will definitely give good results.
Improve your trading analysis, find the best entry position, set the correct SL, and TP positions for you to produce a solid trading plan.
Generate Income From Other Sources
While waiting for your trading position to be completed, you can fill that free time with other jobs that can increase your income.
This is because the profit from your account is still low due to your small account capital. So trading with a small account can be considered as a side business.
So, you do not rely too much on the profit of your small account simply because it will add more stress in your trading.
Choose the Best Trade
In forex trading, a sniper is better than a "machine gun". An accurate shot is better than a random shot that does not hit.
This is because you need to choose the best trade aimed at controlling the risk to your small account. Choosing a trade that does not fit many positions at one time will destroy your account. You decide.
Increase Your Trading Capital After 6 Months
After you consistently produce good results in your trading, you can act to inject additional capital for your small account after 6 months.
Make sure that the previous 6 months trading process you have managed to grow your account well and good profit return every month. This shows that you have successfully traded with discipline and good psychology.
So, you are better prepared to trade accounts with greater capital. This will be a bridge to you as a new trader in a more professional direction.
