There are many traders in the forex world who often blames the forex market and their account deposit for their failure. But in reality, your trading account deposit or the forex market has nothing to do with you a failure. You are not making a profit in the forex market only because you are not maintaining a strict trading discipline in the forex market. In order to trade the market successfully, you need to have very precise knowledge of the forex market. In this article, we will discuss how we can trade small trading account and become profitable in the in the forex industry.
Never think about your account deposit
If you truly want to become a professional trader then you should never think about you trading balance. You should consider your potential loss or profit in the market in terms of percentage. Most of the professional trader who is trading the financial industry for over long period of time use the simple percentage math to execute their trade with proper risk management factors.
There are many rookie traders in the forex market who often thinks to make a huge amount money from their small trading account. But if you truly want to become a professional trader then you must know that forex, not a get rich quick scheme. So if you really want to make money with your small account then you should never over trade in the market. Rather if you are truly committed in forex trading like the professional trader then you will see that your small trading account will grow significantly big within a one year.
Scale down your lot size
Most of the novice trader in the forex industry fails to make money in online trading due to high lot size trading. But in order to trade a small trading account, you need to use small lot size for lowering down your risk in the market. For instance, those who balance less than $ 500 should be trading with 0.01 lot in the market.
Don't trade the news
News trading is very much popular in the forex industry. If you truly want to become a professional forex trader then you should never trade the news. Most of the rookie traders think to make a huge amount of money by trading the fundamental news releases in the market. But to honest news trading doesn’t work in the long run and you will never be a professional trader if you concentrate on news trading.
Take high-quality trades in the market
As a small account holder, you should always work with your trade entry. Make sure that you are executing your trade in the market with very précised stop loss and take profit level. Never execute your trade based on technical analysis only. Make sure that you are executing high-quality trades in the market on the basis of your technical and fundamental analysis.