So please guys read through the information on the chart. It is long but it is very valuable!
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A Lousy-Trader, is a Lousy-Trader.
Problem with People & Leverage is, they open up to many positions. When your account is Small and your Using Leverage, Trade smart, Hold One Position. (In Forex, They isn't a single position that can Kill your Account, if they is, your doing something really Wrong. (seriously). .
& Also Hedge your position when you fell a loss, (If you went LONG and its Going Against you, go SHORT, to recover and Minimize Your Loss).
Here is my Advise:
If your Account is $5 to $100
- Trade 0.01 lot (Single position at a time). tight SL & TP
then $100 to $200
- Trade 0.02 lot (Single position at a time). tight SL & TP
then $200 to $500
- Trade 0.05 lot (Single position at a time). tight SL & TP
& don't develop trigger fingers of try to trade everyday, trade when the market is in your favor.
& Lastly.... Respect Support & Resistance, all TPs & SLs should be taken there.
[ And FOREX is meant for everybody, Big or Small Accounts, I Know alot of Big Account Traders who blow their accounts, FOREX has no friend, Big or Small Account, Forex Doesn't Really Care, Big Account GOOD FOR YOU, Small Account use Leverage.
"Lousy-Trader A" decided to deposit just only $1000 into his trading account (because he/she does not feel confident yet to deposit more) ... But "Lousy-Trader B" decided to deposit all $10,000 into his trading account (which is definitely 10 times more cool yeah!)... So they both started to trade the same currency pair (using the exact same leverage & exact same amount to risk);
"Lousy-Trader A" risked $500 per-trade; but his prediction went wrong & he lost it... (SL hit)
"Lousy-Trader B" also risked $500 per-trade; & he also got it wrong & lost it... (SL hit)
On the second trade attempt; the exact same thing happened; both traders got it wrong & lost another $500 once again... (SL hit)
Right now "Lousy-Trader B" still has $9000 left inside his trading account (still looking very strong yeah!)
But "Lousy-Trader A" already has nothing left so he has to go & make deposit once again; he decided to deposit another $1000 again...
Once again both of them risked $500 for another new trade, but they both got it wrong & lost another $500 once again... (SL hit)
They went on to try another different trade, risked $500 for that trade again, but both traders got it wrong & lost $500 yet again... (SL hit)
So "Lousy-Trader A" (as usual) has to go to top-up (another $1000) into his trading account yet again (because there's nothing left in it), but "Lousy-Trader B" is still boasting that he still has alot ($8000 left inside his trading account right now)!
Well, as both traders continued to trade; the same s**t kept on happening & they both still kept on losing $500 (yet again & again per-trade) for every new trade attempts made...
So what happened in the end...? Well it really doesn't matter; whether you have $1000 or (10-times more than that) inside your trading account; because at the end of the day; nothing can really stop a "lousy-trader" from ultimately losing everything at the end of the day anyway; (so no point in talking about having big $50,000 or $100,000 amount inside one's trading account as well; because it will just make "a lousy trader" die much slower actually...; with more reasons to continue losing even more $$$$ in the long run...?)...
Have a good day.