How to Make Great Returns if You Have a Small Trading Account?

Podcast:

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#452: How to Make Great Returns if You Have a Small Trading Account?
In this video:
00:31 – How to make excellent gains with a small account
00:49 – The incorrect perceptions
02:07 – Questions from traders 
04:00 – Losing traders blame the market
04:26 – What can you do differently?
05:06 – Trading on a prop firm account
06:08 – How much money do you need in your account right now?
07:11 – Choosing a Forex broker

I'm going to explain how you can make fantastic returns from your trading, even if you only have a small trading account today. Let's talk about that and more right now.

Hey, Forex traders, it's Andrew Mitchem here at the Forex Trading Coach with video and podcast number 452.

How to make excellent gains with a small account

And I want to explain all about how you can make some exceptional gains and returns through trading the Forex market even if your account is very small. And ultimately your account size today does not matter, but let me explain more.

The incorrect perceptions

You see the problem is most people think you need a large account in order to trade and to make money from trading and eventually to make a living from trading. But there's more to it than just that. And let me explain what I mean. You see the issue that I see everywhere is that so many people get into trading with unrealistic expectations, and they might come to the market with a thousand dollars account or $5,000 account. And they think they're going to be able to live on that. And of course you can't.

And so therefore to try and make some meaningful money out of that, they start doing silly things. They'll start scalping the market, trading, making a pip or two on one minute or five minute charts. Some people will try news trading. Some people will try what called Martingale, which is when you basically double your position size all the time. And eventually one of those trades will win and make up for all the losses. Some people trade without stop losses. All these kind of crazy things that people do, which is incorrect trading, but they do it because they have a small account size to start with. So you can see the issue that people have.

Questions from traders 

And I get questions all the time from people and they say, "How much do I need to pay for your course? Things like that. And people then come to me and go, "Well, how much am I going to make?" And I'll give you a great example. Right behind me here. I've got a US Singapore 12 hour chart trade open. Okay. So I've got three trades open on my account behind me. They're all on the 12 hour charts, all took yesterday, all on our membership site, all posted. And I've had three trades close, three still open. If I close them all right now on those six trades, I'll be up 1.8%, but I've only risked a quarter of 1% on each of those six trades. So I'd be up 1.8% if I close them right now. I'm not going to because the three still open have got a little way to go to profit. I'll probably be up around 2-1/2% total if they all hit their profit target for the six trades, quarter percent risk per trade.

Now some people looking at that and go, "2-1/2%, that's not very exciting." I look at that and go 2-1/2%, but with only exceptionally small risk per trade is incredibly good t...