How To Grow A Small Trading Account Using Compounding, Good Discipline and Patience - For Beginners
In this video I take you over how you can build a small trading account using compounding, patience and discipline. Don't be one of the traders who feed the market. Take a long term view.
Comments
Hey, I'm looking into trading for the future, say I start with £5000 would that realistically be enough to get £100,000 within say 5 years?
I was reading the other day about compounding within trading and it was saying that it is possible to get say 5% every week and by doing so, if you started on £10,000 by the end of the first year you'd have turned it into just over £120,000 and within the next year into just over £1,500,000. Would this be possible or something similar? And how much would I need to know / do to make it into trading.
Please keep in mind that I'm currently 17 years old, almost 18 and hope to save up around £10,000 by September 2018 if not more. For someone my age would it be worth it to go into trading or are there any other ways to make money fairly quickly.
What happens if you add taxes paid?What would be more realistic return?
Hi James, thanks for your valuable information and teaching!!! I was wondering if there are any books you could reccommend for a starter like myself. I've opened up an account with +500, i don't really like it much but it let's you use it using play money so it' good for practice. For now i'm just looking at charts and trying to understand what i am looking at. Could you recommend me any books that will help me out learning more about charts and understanding the market and other items you think would benefit me at this point. Best regards, Frank
Great advice, patience and discipline is the key.
Bugger Me! l missed this video!!. that's How l restarted trading after some "serious" losses. Thanks again James ( l still go back to naked price.... just to remind myself of the rules of the market(s). And yes your correct? most retail( private) traders ' wipe out' very very quickly!!!!.
Nice video. I've been learning to trade the last 12 months on demo mode. Only now I am getting results. Looking to go live with small account in march
Hi I have no trading experience at all and spending a lot of time looking at different sources of advice. I have found your site stands out with its common sense approach. I apologise for my ignorance, but is there a minimum amount to start trading with. In your video, you start with £2500. Is that the recommended amount or could you start with less.ThanksKen
Great advise my James, this was the kind of professional advise I was looking for as a new trader.... Looking forward to more excellent videos! Thanks again...
do you have a video on how to backtest?
what do you think about Private signal providers? do you think there are professional Forex traders that provide signals?
great point and great lesson!
Excellent advise! This is exactly the plan I will be following. I know it will take patience and discipline, but I am sure it will work. Thank you for this encouraging video.
Spot on. I love the statement 'The four years will pass anyway'. So you may as well as do it correctly the first time rather than it taking say, eight years because you messed up the first time through greed or whatever. Thanks for the wise advice James.
great advice..... pure gold
Hi James, Love your site and videos. As a beginner this is really invaluable. I have a related question. As each trade should risk no more than 1% capital or less as a beginner then would this mean that using leverage is pointless? If it is leveraged to 1% risk or you just place your money with 1% risk it is the same? Thus making leverage void, if you follow the 1% rule. Is my thinking right or have I missed something? Thanks,Alistair Neale
I was reading the other day about compounding within trading and it was saying that it is possible to get say 5% every week and by doing so, if you started on £10,000 by the end of the first year you'd have turned it into just over £120,000 and within the next year into just over £1,500,000. Would this be possible or something similar? And how much would I need to know / do to make it into trading.
Please keep in mind that I'm currently 17 years old, almost 18 and hope to save up around £10,000 by September 2018 if not more. For someone my age would it be worth it to go into trading or are there any other ways to make money fairly quickly.