What It Takes To Grow A Small Trading Account – Ground Rules.<\/strong><\/h2>\n\n\n\n<\/div>\n\n\n\nTo grow a small account, you need two <\/strong>ingredients.<\/p>\n\n\n\n<\/div>\n\n\n\n1. A strategy with a good risk-reward ratio.<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nYou may be lucky with a dozen trades, but over hundreds of trades, luck won\u2019t keep you alive.<\/p>\n\n\n\n
You need a strategy <\/strong>for playing the game or you are just gambling<\/strong>.<\/p>\n\n\n\nAnd not just any strategy, a strategy that consistently provides a good risk<\/a>, reward ratio.<\/p>\n\n\n\nThat means in the long term, you should make money with your strategy because wins outweigh losses.<\/p>\n\n\n\n
If you need the best day trading strategy for small accounts, use strategies built around candlestick patterns and chart patterns<\/a>.<\/p>\n\n\n\n<\/div>\n\n\n\n2. Military discipline to follow the strategy.<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nIt is one thing to have a strategy, another to follow it.<\/p>\n\n\n\n
Only discipline allows you to stick to the rules of a strategy.<\/p>\n\n\n\n
Only discipline tames the emotions that ravage trading accounts.<\/p>\n\n\n\n
Only discipline allows you to grow a small trading account.<\/p>\n\n\n\n
There is no shortcut.<\/p>\n\n\n\n
Matter of fact you won\u2019t grow a trading account<\/strong>, small or big without discipline<\/strong>.<\/p>\n\n\n\nDiscipline is the hardest area of trading to master because it involves a solid grasp of trading psychology.<\/p>\n\n\n\n
The human mind is hard to tame, as you soon will find out (if you\u2019ve not already), your mind often gravitates to habits contrary to your trading plan.<\/p>\n\n\n\n
Discipline comes through practice over time – there is no shortcut.<\/p>\n\n\n\n
If you don\u2019t have these two ingredients, you will never grow a trading account.<\/p>\n\n\n\n
<\/div>\n\n\n\nWhat you need to grow a small forex trading account<\/h2>\n\n\n\n<\/div>\n\n\n\nNow to get us ready to trade, another couple of things to keep in mind.<\/p>\n\n\n\n
<\/div>\n\n\n\nFocus on the process not the dollar figure in your fantasies<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nWhat is trading if not entering <\/strong>and exiting <\/strong>trades?<\/p>\n\n\n\nThat\u2019s a process.<\/p>\n\n\n\n
It may seem counterintuitive to not think about the money since we are talking about growing a trading account, but, remember you are paid when you enter the right trades, and exit at the right time.<\/p>\n\n\n\n
By investing your energies in the process, you let your strategy – rather than your emotions \u2013 play out.<\/p>\n\n\n\n
<\/div>\n\n\n\nHave realistic expectations.<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nWe are not trying to go from $10 to $1,000,000 in one day. Because you have a small account be comfortable with small profits and small losses. Trust the process and compounding to do their work.<\/p>\n\n\n\n
<\/div>\n\n\n\nGrowing a small account requires an appreciation of risk.<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nYou can only grow a small account by taking on risks.<\/p>\n\n\n\n
If you followed the most hyped risk number; risk 2% of your account, then a $10 account risks $0.2, a $100 risk $2, and a $1000 account risks $20.<\/p>\n\n\n\n
A $1000 account can work with this percentage, no way can a $10 account.<\/p>\n\n\n\n
Even the smallest trade size will hit your risk allowance, that is why the smaller your account the more you should be willing to risk.<\/p>\n\n\n\n
That means you should be comfortable losing with a cold face. Not losing because of emotions playing on your head. Trust the process.<\/p>\n\n\n\n
Trading a smaller account is therefore a lot harder than trading a big account. It calls for a different mental framework.<\/p>\n\n\n\n
<\/div>\n\n\n\nA lot of screen time<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nPlan for several hours behind the charts, you may need to enter and exit trades several times in a trading day.<\/p>\n\n\n\n
<\/div>\n\n\n\nThe right trading tools.<\/strong><\/h3>\n\n\n\n<\/div>\n\n\n\nThis is super important.<\/p>\n\n\n\n
A small account forces you to day trade and scalp.<\/p>\n\n\n\n
You need a forex broker with super-low spreads<\/a> and commissions.<\/p>\n\n\n\nFor this experiment, there are my tools.<\/p>\n\n\n\n
Forex Broker:<\/strong> XM <\/a>(if you want better spreads on a standard account, go with Exness<\/a>)<\/p>\n\n\n\nPlatform:<\/strong> MetaTrader 4<\/a><\/p>\n\n\n\nCharts:<\/strong> Naked Japanese Candlesticks<\/a><\/p>\n\n\n\nIndicators:<\/strong> TTIY Key Pivot Levels (Sign up to my newsletter to download one for free<\/a>)<\/p>\n\n\n\n<\/div>\n\n\n\n![\"Grow](\"http:\/\/thetraderinyou.com\/test\/wp-content\/uploads\/2021\/09\/Grow-a-small-trading-account-chart.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nAs you can see, my setup is pretty basic. Pure price action charts and I only throw in my pivots indicator.<\/p>\n\n\n\n
I use candlestick patterns with the aid of the trend line and pivot levels to make most of the entry and exit<\/a> decisions.<\/p>\n\n\n\nYour strategy should guide you on how you make your trade decisions; it could be a moving average, chart pattern, or any other indicator, whatever the tool, you want to stick with it for consistency.<\/p>\n\n\n\n
To grow a small account, you need two <\/strong>ingredients.<\/p>\n\n\n\n You may be lucky with a dozen trades, but over hundreds of trades, luck won\u2019t keep you alive.<\/p>\n\n\n\n You need a strategy <\/strong>for playing the game or you are just gambling<\/strong>.<\/p>\n\n\n\n And not just any strategy, a strategy that consistently provides a good risk<\/a>, reward ratio.<\/p>\n\n\n\n That means in the long term, you should make money with your strategy because wins outweigh losses.<\/p>\n\n\n\n If you need the best day trading strategy for small accounts, use strategies built around candlestick patterns and chart patterns<\/a>.<\/p>\n\n\n\n It is one thing to have a strategy, another to follow it.<\/p>\n\n\n\n Only discipline allows you to stick to the rules of a strategy.<\/p>\n\n\n\n Only discipline tames the emotions that ravage trading accounts.<\/p>\n\n\n\n Only discipline allows you to grow a small trading account.<\/p>\n\n\n\n There is no shortcut.<\/p>\n\n\n\n Matter of fact you won\u2019t grow a trading account<\/strong>, small or big without discipline<\/strong>.<\/p>\n\n\n\n Discipline is the hardest area of trading to master because it involves a solid grasp of trading psychology.<\/p>\n\n\n\n The human mind is hard to tame, as you soon will find out (if you\u2019ve not already), your mind often gravitates to habits contrary to your trading plan.<\/p>\n\n\n\n Discipline comes through practice over time – there is no shortcut.<\/p>\n\n\n\n If you don\u2019t have these two ingredients, you will never grow a trading account.<\/p>\n\n\n\n Now to get us ready to trade, another couple of things to keep in mind.<\/p>\n\n\n\n What is trading if not entering <\/strong>and exiting <\/strong>trades?<\/p>\n\n\n\n That\u2019s a process.<\/p>\n\n\n\n It may seem counterintuitive to not think about the money since we are talking about growing a trading account, but, remember you are paid when you enter the right trades, and exit at the right time.<\/p>\n\n\n\n By investing your energies in the process, you let your strategy – rather than your emotions \u2013 play out.<\/p>\n\n\n\n We are not trying to go from $10 to $1,000,000 in one day. Because you have a small account be comfortable with small profits and small losses. Trust the process and compounding to do their work.<\/p>\n\n\n\n You can only grow a small account by taking on risks.<\/p>\n\n\n\n If you followed the most hyped risk number; risk 2% of your account, then a $10 account risks $0.2, a $100 risk $2, and a $1000 account risks $20.<\/p>\n\n\n\n A $1000 account can work with this percentage, no way can a $10 account.<\/p>\n\n\n\n Even the smallest trade size will hit your risk allowance, that is why the smaller your account the more you should be willing to risk.<\/p>\n\n\n\n That means you should be comfortable losing with a cold face. Not losing because of emotions playing on your head. Trust the process.<\/p>\n\n\n\n Trading a smaller account is therefore a lot harder than trading a big account. It calls for a different mental framework.<\/p>\n\n\n\n Plan for several hours behind the charts, you may need to enter and exit trades several times in a trading day.<\/p>\n\n\n\n This is super important.<\/p>\n\n\n\n A small account forces you to day trade and scalp.<\/p>\n\n\n\n You need a forex broker with super-low spreads<\/a> and commissions.<\/p>\n\n\n\n For this experiment, there are my tools.<\/p>\n\n\n\n Forex Broker:<\/strong> XM <\/a>(if you want better spreads on a standard account, go with Exness<\/a>)<\/p>\n\n\n\n Platform:<\/strong> MetaTrader 4<\/a><\/p>\n\n\n\n Charts:<\/strong> Naked Japanese Candlesticks<\/a><\/p>\n\n\n\n Indicators:<\/strong> TTIY Key Pivot Levels (Sign up to my newsletter to download one for free<\/a>)<\/p>\n\n\n\n As you can see, my setup is pretty basic. Pure price action charts and I only throw in my pivots indicator.<\/p>\n\n\n\n I use candlestick patterns with the aid of the trend line and pivot levels to make most of the entry and exit<\/a> decisions.<\/p>\n\n\n\n Your strategy should guide you on how you make your trade decisions; it could be a moving average, chart pattern, or any other indicator, whatever the tool, you want to stick with it for consistency.<\/p>\n\n\n\n1. A strategy with a good risk-reward ratio.<\/strong><\/h3>\n\n\n\n
2. Military discipline to follow the strategy.<\/strong><\/h3>\n\n\n\n
What you need to grow a small forex trading account<\/h2>\n\n\n\n
Focus on the process not the dollar figure in your fantasies<\/strong><\/h3>\n\n\n\n
Have realistic expectations.<\/strong><\/h3>\n\n\n\n
Growing a small account requires an appreciation of risk.<\/strong><\/h3>\n\n\n\n
A lot of screen time<\/strong><\/h3>\n\n\n\n
The right trading tools.<\/strong><\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n