5 EASY STEPS ON HOW TO GROW YOUR TRADING ACCOUNT

You really want to know?

This is always an interesting but sensitive topic whenever discussed among traders.

The sensitivity of  the topic on how best to grow a trading account emanates from the pipe dream most of us buy into.

Nobody tells or advises new traders how they could build an enviable trading account, they are all left day dreaming about the fairy tale story of a trader who started with a $500 account and turned it into a $50,000.00 account. 

Reality is more often than not distorted in this profession.

So every new trader starts looking for a quick fix through forex trading, they come into this business believing that in the next few months their trading account would be fat and shapeless.

How do I know this?..

I was once there myself… 

Without wasting any much of your time, let’s look at the most effective routes you could employ in growing your trading account from zero to hero.

1. Get a job 

Seriously?, did you think I would mention this?

The need to work for extra income in order to reduce the continuous need to make money off your trading account cannot be over emphasized.

The two major causes of over trading is.

• Depending on the market as your only source of income (Especially as a beginner) and
• Trading with a small account

Depending on the market as your only source of income

Trading on its own is DIFFICULT.

Don’t get me wrong when I say so, the difficulty stems out of the fact that, you as a trader MANAGING YOUR EMOTIONS during market hours.

That said, when you add to this equation, YOUR MONTHLY BILLS or FINANCIAL RESPONSIBILITIES, you tend to put so much pressure on yourself to make a certain amount of income, in order to meet your weekly or monthly needs.

The sad part is that, the market has no care in the world about you or your freaking needs, hence the income generated month after month becomes irregular. So starting off with forex trading, I always advice beginning trader’s to get a job

Trading with a small account

The second myth new traders are bombarded with is:

Account size doesn’t matter. Really?

Yeah right,

This is one school of thought which sends most (if not all) new traders quitting forex trading before they even get started.

The hype of making 100%-500% daily/monthly excites most new traders into believing that all they need is just a real trading account irrespective of it’s size, and their job is to double or quadruple the account size daily, weekly or monthly.

It sounds so easy theoretically, after all you are either BUYING or SELLING…It can’t get any harder or so you think.

You see my friend, in trading, even if the gods of luck decide to feast on Chicken and Ale while on sitting on your shoulders for a few days/weeks/months, someday, they will definitely abandon you for another trader.

Guess what happens then?

Your trading account will be buried 6 feet deep, under your feet. Those stunts you once pulled off in the market and nailed handsome rewards, will suddenly stop working, and without experience as a new trader your account will bleed out.

You see why it is imperative to get a regular job?, it reduces your anxiety to always be in the market, trying crazy stunts.

2. Get a second job/Side hustle

If you have already gotten a job, This info is for you…

You can add to the job by either getting a second job or a side hustle.

I know some of you will be wondering if I am going nuts?..

You are now asking…

“What time am I going to use to trade the market if I am getting all the jobs?”

Hollup hollup hollup…, if you are bothered about that, have no fears mate, you could still trade the market profitably using a higher time frame (I will discuss about this technique on another article).

If the second job is not feasible for whatever reason, that’s fine, a side hustle should take the place of a second job, and mind you there are many ways of going about this.

You could

• Start another hobby of yours after your regular 7-5 job, which does not necessarily require you renting a shop or whatever. This hobby could be done from your home, and if this is still not convenient.
• You could partner with someone else to render a particular service or product. This may entail you providing the funds and the other party providing the technicality.

if this is still not convenient, you may need prayers.

Just joking.

Once your job and side hustle has been perfected, you will realize that, your trading account will start to fatten up and your confidence in trading will also grow

Why you ask?

Well, trading responsibly and less often, has a way of increasing your good trades, and having a string of good trades, increases your psychological bank account.

That is exactly what happens to you when you don’t have to force trades in order to build your account quickly when you are solely dependent on it

3. Trading your personal account

This should not come as a surprise to you.

Yes, trading your personal account after you have gotten a job and a side hustle could be such a huge relief on your trading account, and the reasons for this are not far fetched:

• There is lesser pressure for you to solely depend on the proceeds of your account to take care of your needs.
• You begin to focus more on the process of trading and quality of trades you pick, rather than focusing on the amount of money to be made per trade
• You become less emotional and detached from you trades, this makes you execute your trades almost flawless
• Your growth as a trader becomes more consistent.

Most new traders may not realize it, but there is a close relationship between the FAILURE to becoming consistently profitable as a trader and the need to ALWAYS TRADE due to your financial obligations.

Once you become conscious of this fact, your path to consistency starts taking form

4. Trade with funds from close relatives

Once you have gotten the first two right, and you still want your account to grow faster, then this would be another option.

I call this the manure stage.

At this point, you are trading well, your monthly returns may be okay, but you want to get to your dream account faster than you have initially planned.

Instead of trading with killer lot size, you could actually talk to close relatives you believe could invest in your trading ability.

Even if at some point, you are not able to meet up with the terms of agreement as regarding monthly returns, you will definitely still come out unruffled.

The reason is because:

You got a job and

A side hustle

which could easily meet up with your monthly obligations to pay your investors.

So…, its a win win scenario for you.

In some cases, you may still have a problem with getting cheap funds from relatives, due to so many factors which ranges from

Trust issues, to some form of unsettled family feud, or the simple fact that its just natural for most people to NOT path ways with their hard earned money.

Especially if what the money is going to be invested in, is unclear to them.

Well if this idea does not work for the reasons I just gave, you may still have one final option, which is.

5. Applying for loans through any of the financial institutions

Once you know your trading skills have met a certain criteria, you can then walk into any of the financial institutions to seek for assistance.

Firstly you need to know the interest rate you may be getting the loan for and compare it with your monthly trading result.

If your monthly returns on your trading account is greater or equal to the interest rates of the loan, then go for it.

If the interest rate is slightly higher than your monthly return, you need to ask yourself if your day job and side hustle can bail you out, if things go south. This is very crucial

If both your day job and side hustle can bail you out, you can go for it if your personality can stomach the risk.

Finally

Trading is a highly psychological career. Meaning, your psychological well being is paramount to your trading success.

Some traders only do well when trading with their own funds while some traders only do well when trading with other people’s funds.

Few traders do well in both scenarios.

You really have to know the class you belong to before venturing into any of the above options I listed.

Well, that said,

Let me know if this article helped you and your opinion on other ways of growing a trading account would be highly appreciated