Increase Your Trading Account
Trading the financial markets have become more and more accessible for everyone. Not all traders have the opportunity to start trading with a large £20,000 trading account and it is becoming common for new traders to start with small trading accounts. We are starting to see retail trading becoming progressively popular as many people are trading for their own financial benefit – for a second income or even as their main source of income.
Changes to the financial trading world have meant that trading as a means of income has become attainable for everyday people, like you and me. Brokers have contributed to providing traders with more flexibility by offering ‘leverage’ and the ability to trade ‘mini lots’. In the early trading days, it was only possible to trade with ‘full lots’ – this was the equivalent of trading $10 per point. Now, brokers offer you the chance to trade $1 per point (some, even lower) and this has opened the door to many more traders who have smaller trading accounts. If you are looking to turn your small trading account into a large one, we can tell you that it is certainly achievable!
Many Trading College students have started with trading accounts that are considered small and range between £2000 to £5000; they have been able to generate consistent profits and increase their trading accounts successfully. If you are starting with a small trading account, patience is key. In the first couple of months, your profits will not represent a large sum of money but if you manage to compound those profits and keep the money in your trading account – you will be able to afford to have bigger trade sizes. Patience and consistency will ensure that your trading account increases.
Student Case Study
Our Mentorship student Naeem Vance is a perfect example of a trader who has been able to turn his small trading account to a large trading account. Naeem started with a £5000 account and he managed to triple his account within a period of 6 months! If you would like to learn more about how Naeem managed to triple his trading account, please click here.
Here are some ways you can increase your trading account:
1. Continuous Learning And Development
Despite all of the marketing out there, trading is not a get rich quick scheme. Once you learn how to trade properly, you will have a skill for life. Our motto is, “Anybody can trade the markets.” However, you do need to educate yourself first. Strive to improve your trading and absorb as much knowledge as you can and put it into practice. You should have a trading plan and set yourself goals. A successful trader is an educated trader.
2. Have A Trading System
A trading system is a set of rules that helps dictate your entry and exit points and is designed to assist and better your trading. Using a trading system will help take the emotion out of trading because you will be following a set of pre-determined rules to aid your decision making. Our students use our propriety software, The Pro-Trading System. The PTS is designed to save you time by sending you trade signals, freeing up your time for chart analysis and placing trades. Get closer to your goal of increasing your trading account by letting The Pro-Trading System do the hard work for you.
3. Leverage Your Trading Time
You don’t want to spend all day sitting at your screens and you don’t have to – you still have the freedom to spend your time how you want. Learn to use the tools that are available to you including placing orders and alerts and manage your time wisely. Set aside time in your schedule to learn and to trade and give yourself a routine.
4. Learn, Learn, Learn!
If you want to become good at something, you must learn and practice. With trading, there are a numerous amount of topics that you can learn to improve your trading – from psychology to trends and correlations, how to manage your risk, creating a trading plan and more. Start setting yourself monthly goals and record your progress. With trading, you have to work hard to know what you are doing and to learn it well. Once you know how to trade, you can trade in a short period of time in the day and still be very profitable.
5. Practice Makes Perfect
We cannot stress this enough – practice makes perfect. Make sure you can apply your strategies and knowledge to a demo account first before going live and trading real money. You want to be consistently profitable in a demo account first so that you can replicate what you did correctly to your live account. If you put the hard work in at the start, it will become easier for the rest of your life, so practice your strategy until it becomes second nature to you.
6. Watch A Live Trading Room
If you want to learn, we recommend you watch qualified traders, trading the markets live – see what they do in a live trading environment with real money and when the pressure is on. Having access to a live trading room will help you to improve your skills and strengthen your strategies as you can see the strategies being put into action.
7. Manage Your Risk
Learn how to manage your risk and know your risk limits for each trade so you can set stop losses accordingly. It is important you follow your system and strategy to know when to enter and exit a trade. Set yourself a profit target and manage your trade and actions. Not every trader uses the same strategy or places the same trades – just because other traders are taking a trade, doesn’t mean you should, especially if it is not part of your strategy. Manage your risk: reward ratio of each and every trade – if it doesn’t fit in with your trading plan, skip the trade. This is very important, don’t become greedy.
8. Avoid Emotional Trading
Ask most traders and they will tell you that the reason for any losing trades isn’t because their strategy didn’t work it’s because they didn’t manage to control their mindset and emotions. It is inevitable that you will have some losing trades, but try not to react badly to losses – remember, it happens and is part of being a trader. Learn from these losses and evaluate where you went wrong. Prior to starting your trading day, take a minute to ensure you have a clear mind and are focused on your trading day ahead. If you are experiencing any negative emotions, avoid trading until you feel focused and clear-headed.
9. Record Your Progress And Goals
Every successful trader will have a trading plan, but they will also have a record of their goals and progress. This is beneficial as it allows you to monitor and evaluate every trade you make, and keep track of your progress. You can keep a trading journal or even take screenshots of your trades for your record. If you review your progress, you can see what works well for you and where you need improvement.
As an education provider, we want to see you do well and increase your trading account. Follow the steps above and good luck!