I’m trying to get through as many of the Ask Me Anything (AMA) responses as possible…
And I want to show you how to develop the necessary skills to grow an account.
There’s one problem most traders run into when they’re first starting out to trade — they believe they need a boatload of money in order to trade the market.
To be honest with you, that couldn’t be further from the truth.
You see, I once had a small account, but I didn’t let that stop me from becoming the trader I am today.
I want to show you what I wish I knew from the start, and some of the steps I took that have helped me become a multi-millionaire.*
How To Grow A Small Account Over Time
Listen, there’s nothing wrong with having a small account. However, there is something wrong with believing you’ll become an overnight success.
Can it happen?
Sure, but it’s not very likely.
One of the first steps I wish I knew when I first started out is figuring out which strategy works best for me. Of course, it takes time to find your trading style, but I was lucky enough to find one that truly fits my personality…
The whole idea with that strategy is to get into a stock ahead of a catalyst event, and take advantage of the runup.
You see, if you’re able to identify these specific bits of information, it can turn into money, in my opinion.
I know what you’re thinking, “How can I possibly figure out which strategy works best for me?”
Well, you can test strategies out, either with paper money, or if you’re ready to test the waters… real money (but trading smaller in relation to your account size).
As you try and figure out strategies, it’s crucial to journal every little detail about your trades.
You’ll want to write down:
- Date, ticker, profit and loss (P&L) on the position, size of the trade.
- What type of trade it was
- What your thesis was, your trade plan and whether you stuck to it or not
- What you could’ve done differently
- How you intend to improve if you see a similar setup
Once you have some trades in your journal, the next step is to actually review them.
You’ll start to figure out what’s working for you and what’s not.
Especially if you have a small account, this process is necessary as you learn the lay of the land.
If you don’t know where to start in terms of strategies, then I believe you’ll want to check out Fast 5 Trades.
*Results presented are not typical and may vary from person to person. Please see our Testimonials Disclaimer here: https://ragingbull.com/disclaimer