Paulsy
Well-known member
I would often get questions from people asking how to grow a small forex account. I understand that not every trader has the luxury of starting their trading journey with a big forex account. But that doesn't mean that traders with a small trading account can't grow their accounts. They absolutely can. Here's what I recommend!
- Never withdraw money from a trading account that you are trying to grow. Keep your capital and profits in the trading account and let them grow.
- Try to start trading with a live trading account. Instead of a demo account, try starting with a micro or Cent account, as it gives you a real-world trading experience with minimal losses.
- Don't forget to set your risk management rules. Risk is inevitable in forex trading. Without a proper risk management plan, there is a higher chance that you'll blow your trading account.
- Calculating the trading costs is even more important when you are trading with small capital. Choosing a low spread forex broker can keep costs low and maximize your profits.
- Following the trend is a common approach that works effectively. Identifying a trend early can help in gaining safe profits. Make sure to stay in the trade as long as the trend continues. This works for both large and small accounts.
- Choose a regulated forex broker to secure your capital, avoid forex trading scams and maximize your profit potential. When choosing a broker, be sure to read reviews for more insights on the broker's accountability and services.
- Start your trading career with a Forex bonus. Bonus is one of the most exciting promotional offers that encourage traders to step into the trading world. It is also a major factor in deciding which forex broker you'll deal with besides spreads, commission, speed, and quality of the execution of trades.