How to build a small trading account
With over fifty million people around the world turning to the financial markets to build their capital and to create an income there are many who struggle to build a small trading account. After all, whether you are a great trader or a very a new trader most people will be starting off with a small trading account that they want to grow into a bigger one.
However, straight away the pressure of building a small trading account into a larger trading account can be too much as it seems like a huge jump. Of course, everyone wants to get there overnight too! In reality, it can definitely be done but there are some key principles in growing a small trading account which have been laid out for your below.
1. Stop 'trying' so hard
It sounds counter intuitive to stop trying so hard to build a small trading account. After all to get ahead in life you need to try hard right? Well, in most cases that is right but when you have the ability to trade a five...
If you started trading just 15 years ago, the chances are you could only trade the stock market or commodity market (products like gold, oil and silver). However, only 10 years ago the foreign exchange market blew up onto the scene and became the go to market for many traders. Heck, only a year ago did cryptocurrencies blow up on the scene and change the game. Variety is great but can be overwhelming.
Cut the crap, which market is better to trade?
Is it the stock market, foreign exchange, commodities or cryptocurrencies? Each market has pros and cons which we detail below. The worst thing to do is to be stuck in your ways and not adapt, or explore, new opportunities or to find the 'holy grail'. Here at Trader Prophets we advocate trading on all markets but on higher timeframes as detailed in this article here. However, intra-day trading on all these markets will definitely not work. It's just too much to focus on.
Can you trade all of these markets?
Trading is popular now that all...
Trading and investing into the financial markets has never been more popular. More and more people are starting to see the benefits of taking a little time to, first invest in themselves through a trading and investing education, but also using that knowledge on the financial markets.
Whilst traders may take quicker positions and investor will most likely be holding positions for much longer, perhaps months or even years. So, if you fancy investing into the financial markets successfully, and profit from companies you already know about like Google, Facebook or Microsoft, then these are the ten essential things that an investor must do and know before they start. Let's take a look...
1. What are your goals?
It sounds simple but many people start investing into a trillion dollar market without any type of plan which, let's face it, is essentially a gamble. Whilst it can be very simple to invest profitably for the long term you must define your goals as this will align your...
Are you scared to trade the higher timeframes because you think there will be a lack of opportunity?
Perhaps, you're trading for the fun and excitement of it and you think the higher timeframes are just plain boring?
Well, good luck to you. My advice, save your money in your bank account and do not trade the market! If you're starting to hate me now (you won't be the only one) then given me a chance and keep on reading:
7 Reasons Why You Should Trade More Markets On Higher Timeframes:
1. You can avoid the algos hunting your trades
Did you know that trading algorithms now account for up to 70% of all intra-day moves in the financial markets? How the heck can you make money as a trader fighting robots who can take trades in nano-seconds? Well, there is a way if you know how.
Firstly, it's important to remember that these algorithms aren't just left in the market 24/5. They are turned on and off at the will of the trader managing them. That's right, there is still a human element...
Are you struggling to pick the right trades? Can't seem to get any consistency in results? Then the 4Point Trading System™ can help!
Discover how you can approach the markets in a consistent way every day and on every trade. Not only will this help you to think 'top down' but you'll absorb more information from the market to build your intuition - something the greats like George Soros and Warrren Buffett rely on.
Why is the 4Point Trading Sytem™ important?
In trading having a PLAN/SYSTEM/METHODOLOGY is hugely important. Without it, forget about achieving consistent results - you just won't. That's because you need consistency when you trade to allow probabilities to work in your favour. Think about it. The market can be quite random. The only part of trading you have control over is what you trade, how you trade and why you trade.
Turning up everyday and trading the same way not only helps build consistency in results and good habits. It also helps to...
It’s a well-known fact that before a physician can begin to treat an illness or ailment, a diagnosis must occur. It’s the same process with engineers dealing with machinery, or mechanics working with cars: if you don’t know what the problem is then you can’t begin to fix it.
The same analogy can be applied to traders, and therefore trading problems. Time and time again traders facing problems will try various solutions without really stopping to assess what problem they’re trying to solve. Even worse, unlike doctors, engineers or mechanics, trading mentors will jump straight to the treatment without pausing for diagnosis.
This post will help anyone facing trading problems to identify what is going wrong, by asking a series of diagnostic questions.
QUESTION #1 Do I actually have a problem?
You probably think that’s a weird question to be asking when you’re experiencing a drawdown and you’re becoming frustrated. But, even if this...
So you want to be a hot shot trader and be amongst the 50 million other traders in the world who consistently make money from the markets? The first thing you need to know if you want trade the forex market, stock market or commodity market successfully is the three types of market analysis that every trader, investor and financier looks at every single day which you should be doing too.
After all, if those guys are using it then every wannabe profitable trader needs to be too. Remember that the people who really know how play this game use a variety of ways to analyse and develop ideas that they then go on to trade. The three most important types of market analysis are:
1. Fundamental Analysis
2. Sentiment Analysis
3. Technical Analysis
Some traders will use all three and some will only use just one or two. It really depends on your experience and what resonates with you as...
This seventy six page guide covers everything you need to know to make this year a success using the financial markets. And, it's completely FREE saving you £97!