When we first start trading all of us have big dreams of how much money we will be making. We dream of the new life we will be having. All the places we will travel to and the things we will have. What happens to those dreams?
Many of us are so excited to get started that we just click the buttons getting in and out of trades, we do not understanding how the trading platform works, how to manage a trade both winning and losing, we may not have a trading strategy we know and trust. So the best thing to do is to get a good foundation of the basics. This would include having gone through babypips.com’s web site. Learn the trading platform, practice simulated trading, demo trading, visualization trading. After all this start small on a live account.
Just take one step at a time. Have many small wins and losses. Do not get into trying to hit the homerun every time you make a trade. It is better to have small wins rather than large frustrations. Once you get frustrated you can become fearful, cautious, and emotional. You may even give up and stop trading.
Just to let you know what a lot of little trades can do for your account I took my live account and placed 7 trades 6 winners and 1 was a loser. I had a total of 30.09 in profits. As you can see in the following illustration I was using micro mini lots. I was using .1 and .5 or 10 and 50 cents on the lot size.
Lots size   Profit
.50Â Â Â Â Â Â .52
.50Â Â Â Â Â Â 28.85
.10Â Â Â Â Â Â .11
.10Â Â Â Â Â Â 1.34
.10Â Â Â Â Â Â -7.69
.10Â Â Â Â Â Â 2.56
.10Â Â Â Â Â Â 4.40
$30.09
This may not sound like much but just think of it this way if you take $30 a day and times that by 250 days a year. That is $7500 a year in profit. So just take it slow and learn the rules of the trading system. Once you are successful demo trading then go live and start out small as seen in the example above.
Now let’s times the trade by 10. This gives us 5 mini lots and 1 mini lot on the lot size and makes the profit to $300 a day. Now that is $75,000 a year. So just take things slow learn to trade and the money will come. Trading is not a race it is a learnable skill you are developing for the future.