How to trade with a small trading account in Islamic forex trading community
Many new Muslim traders are starting forex trading and they want to make a profit from this market. But the main problem they faced in their early forex carrier is that they are not as experienced as other professional traders. In Islamic forex trading community, many new traders started their trading career relatively with a small money since they are afraid of losing money from this market. But the good news is that they started forex because most of the Islamic trader opened swap free account. That swap free account ensured them that they are trading forex and they are earning money in a halal way.
Some trader feels that they have a disadvantage because they started doing forex with a small trading account. They did not invest a lot in the forex market. But trust me small account doesn’t mean that you cannot earn money from the forex market. When you have a small trading capital and considering that you are nursing your account properly then you can also make consistent profit from your small account. Some traders think that if they have more money than they will make a profit in a faster way. Sometimes traders make huge money from a single trade provided that they have a big margin and trading with a high lot in the mt4. But they don’t realize that fact that they might lose money in their next trade. Guess what when they lose, they simply make mistakes again and again. Profitable traders always focus on their consistency. If you make a profit in the longer period then you are one of the successful traders in the Islamic forex community. Fx trading is not a get rich quick scheme. In professional fx trading, a trader have to be disciplined to make money from this forex market.
The main thing that you should keep in your mind that account size doesn’t have anything to do with your profit factor. If you fail to trade the market profitably in your small trading account then you will also fail to make money with a big account. Trading with a lot of money will not make you successful trader in shorter time rather this can be extremely dangerous for you. You may lose the huge amount of money if you don’t know how to trade the market properly. Let’s say you have given someone 1million dollar for doing trade who doesn’t have any knowledge or any experience in the forex market. Do you think they will make money from forex trading? I am sure they will miserably fail in this market since they don’t know how to trade the market properly. To be precise, if you look at their account after a few month then you will see that they have lost a major portion of their trading account.
If you think that you could have made more money and execute better trades in the market provided that you had a big trading account then you are completely wrong. Money has nothing to do with your trading performance. To be honest the main problem is your mindset and you need to change your mindset within the shortest possible time. If you cannot fix this then you will lose money in this financial industry. If you are relatively new in forex trading than trading with small deposit will actually safeguard your financial security. Most of the professional traders have started their trading career with a small trading account and over the course of time, they have enriched their account balance.
You should not be always thinking about how to make a huge amount of money from the forex trading instead, you need to think that how to execute a better trade in the mt4 platform. Better setup mean you have better chance to make a profit from fx trading. If you learn to focus on finding a good setup for your trade then you will see the difference. Gradually you will become an experienced trader in the forex Islamic community. As a novice trader, your prime focus should be centralized in your learning stage. If you have a clear understanding of the financial market then you will eventually turn your small trading account into a big one within a short period of time.
Forex trading is not an easy job and it’s not like that every single individual will be successful in this industry. Those who are truly dedicated and committed to learning will still struggle in the forex market in the very beginning. But due to their hard work and sincerity, they will overcome all the obstacles in the forex market. As the novice trader, you should focus on high-quality trade execution. However, most of the rookie traders focus on high-frequency trade execution rather than quality. If you truly want to become a professional forex trader then you should consider trading as your business. The business always follows a strategic way to make a profit in the global world. Similarly, you should have a valid trading strategy in the forex market. If you incur few losses in the market then don’t get freak out and start revenge trading. Always remember that most of the professional traders always stick to their trading strategy and they focus on their longer time frame result. Last but not the least never trade with the money that you can’t afford to lose and always embrace you losing trades as you do to your winners.