Not every trader has the luxury of starting the trading journey with a big forex account. Does it mean that traders with a small trading account can grow their accounts？ Yes, they absolutely can. Through the rightrisk managementrules and good investment decisions, a small account can be turned to a bigger one.
How to Grow your Small Forex Account
1. Dont Withdraw from your Account
This is the initial advice and it is very important. Never withdraw money from a trading account that you are trying to grow. It interrupts the main purpose of what you are trying to do. You have to keep your capital and profits in the trading account and let it keep growing.
As we mentioned earlier, the investment capital in your trading account should be money that you don‘t need so you won’t mind keeping it in the account for a while. Maintaining this discipline with your trading account will keep you on track with growing your money.
2. Gain Live Trading Experience
One of the best traits you can get with a small trading account is the live experience. Although you may start with demo trading at first to get acquainted with your trading platform and understand the basics of trading, switching to a real account is a total advantage. It will teach you how to control your perception of the market, leading to better trading activity and outcomes.
Unlike trading on ademo account, live trading triggers a range of emotions that will change your trading experience. Emotions like fear and greed will only be experienced once you start risking real money, which will make you a better trader by learning how to control those emotions.
The best way to overcome the fear of risking money is by gaining a proper trading experience and defining trading rules. When you have rules, known as the trading plan, you know exactly when to enter and exit a position, control your emotions, and limit your risks, significantly reducing your fear.
Read more on How to grow your small forex accountfor more tips to grow and become a successful trader!
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