How to Profit as a New Trader with a Small Account

Podcast:

#403: How to Profit as a New Trader with a Small Account

In this video:
00:24 – Email from a guy who is looking at starting trading
01:05 – Joining a group of like-minded successful people
01:59 – Real examples from this week
03:12 – Profit from other traders
04:22 – Client mentions trade live on the webinar
05:00 – Learn the “How To” by following other traders
07:03 – Walk before you can run
07:17 – Our 12th birthday is in May

How can you profit in the Forex market if you’re starting with a smaller account and you’re starting out as a new trader? Let’s talk about that and more right now.

Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 403.

Email from a guy who is looking at starting trading

Now, this week I’ve received an email from a guy over in the U.K. who’s actually in the army, and he’s saying, “Look, I’m looking at leaving, but I want to ensure that when I start trading, I’m actually going to make some money. How do I do that? I’m new to this, I don’t know anything about it, and my concern is that when I start trading, because I’m new and I don’t know what I’m doing, I’m going to lose money and I’m going to lose confidence, give up, and it’s just not going to work. So can you give me some suggestions?”

And I went back to him and I said, “Look, there is nothing more powerful than being involved with a group of successful people. It doesn’t matter what you want to do.

Joining a group of like-minded successful people

If you’re into sports, you’re going to learn how to be good at that sport, let’s say, from sports groups and mentors, tutors, coaches. If you want to do good things in music, you go and join a band and you learn how to play as a group, that type of thing.” And I said to him, “Look, to be honest, trading is no different. Yes, you can do it alone. Yes, you can find things online and you may or you may not eventually make it work for you. But the pro