A person who decides to trade Forex is most certainly attracted by the amount of profit that they can obtain because this market is just so huge.
However, do you ever consider the risk that it carries with it.
Here is an article by Russ Horn on how you should grow you forex trading account...
Are you ready to trade a big account?
Every new trader can't wait to grow their accounts to professional proportions, but are they ready for that?
An account that is grown over time will allow for the trader's psychi to grow with it. The dollar figure of your wins and your losses get larger month after month, but in a way that is relatable as a percentage of their account.
If the account is grown too quickly, that mathematical relationship is lost and all the trader can think about is the buying power of the money they are risking.
For example, if you placed a trade of 100 full lots and you get stopped out for 25 pips, that is a loss of $25,000. A seasoned trader knows it's simply a percentage and they trade again.
A novice trader will look at that number and think things like "I could have paid off my credit cards with that", or "that was more money than I made all last year", or "I could have bought a brand new car with that".
They lose the connection to the trading capital that it is and become emotionally attached to it instead.
These emotional attachments are only one part of what we call "hitting the wall", (I'll talk more about that other parts later).
Growing an account at a reasonable pace will allow a trader to keep growing that account. The last thing you want is to get too scared to trade because the numbers get too big to fast ... and it happens ... and it can kill a trader's career.
Pace yourself and you will be able to get as big as you want.
Russ
Another solid advise from a forex guru...
happy trading,
Yours sincerely,
Check Out my other posts here- My Justinnation
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