It was good decision to start with small amount because you have to gradually adapt to the feeling of loss which can be devastating if you lost huge amount or all at the start. Your reaction can bring even more problems like if you enter revenge or gambling mode lol.
Starting a business will indeed have much better results if you start planning step by step from the start, this can reduce the risk of negligence, not only in forex trading but in many other businesses.
I completely agree! As a trader, I’ve found that planning step by step is key to reducing risks and staying disciplined. Whether it’s setting goals or managing risk, having a solid plan makes a big difference. How do you approach planning for your trades?
That was a really insightful Lancelott. Starting with a low capital on standard lot can empty your account in no time due to high leverage in forex. With mistakes, I have understood that risk management is extremely important in trading. I have been setting small lot sizes, adding stop loss orders, and using a small capital from my account to trade. And this is making a difference.
forex trading has great potential, but the risks are very real, especially when starting with low capital and high lot sizes. Many of us make those early mistakes, like overleveraging or ignoring risk management, only to learn the hard way. Focusing on proper risk management, like limiting lot sizes and setting stop-loss orders, is crucial for survival and growth in trading.
It’s smart that you realized the importance of risk management early on! I'd add that demo accounts are a lifesaver for newbies to practice without losing real money, and keeping emotions in check is just as important as the strategy itself.
I agree, how do you balance the trade-off between tighter stop losses for risk management during the volatile markets or do you adjust your approach based on the pairs?
