Opening a small account is feasible but definitely not easy, OctaFX provides some useful tips to help you expand your account。

Deciding how much to invest in online trading is a problem most beginner traders face。Some traders may have $100 in their account, while others may invest more than $10,000 in their first trade.。

There is no doubt that having a small account can be challenging and you may feel like a small fish in the sea because the profits you make seem insignificant compared to the time and effort you put into your portfolio。However, this does not mean that you will always fall into that phase。

In fact, starting small is actually a brilliant strategy in online trading。Since you are still a beginner, it is best not to take too much risk and focus on improving your trading skills。In this post, OctaFX shares some useful tips to help you grow your small account into a large one。

Disadvantages of small accounts

Before we go any further, it's important to understand the reality of having a small account。Starting small is great for beginners, but there are a few things to think about beforehand, such as:

• Limited trading options: The more you trade with a winning strategy, the closer you get to the expected result。Therefore, this means that if you don't have enough trading volume, it may be more difficult to achieve your goals because the results tend to be random。
  Trade fees may be higher: even if you have a winning strategy, profits may still be negligible due to slippage, commissions and other fees; in the long run, continuous profitable trading is almost impossible。
  It takes longer to master trading: one of the most effective ways to improve your trading skills is to make mistakes and learn from them。Knowing what works and what doesn't, it can be difficult to maintain this level of engagement for small accounts like OctaFX because you can't trade frequently。

Developing a small account is feasible but definitely not easy, so it's important to set your expectations from the beginning.。Don't expect to make a million dollars in a few months, you should even be prepared to lose your entire account。

Define Risk Management System

One of the most important aspects of the Development Account is the definition of a risk management system。Without proper risk management, losses are likely to exceed expectations。Keep in mind that risk is completely controllable, so make sure you manage it properly to reduce losses and increase profits。

When you start trading on a real account, it is best to immediately define a risk management system。Most traders risk less than 2% of their account size per trade。If you're just starting out, you might even want to consider risking 1% or less and then upgrading from there。

Maintain continuous profitability

Trading with small amounts of money and low risk tolerance is one way to keep your balance safe, but it also makes you less profitable。So it may take a while to really "feel" that the account is growing。One thing to remember is that growing a small account like OctaFX is all about continuity。

Being able to make a small but sustained profit is more valuable than winning a big deal and losing the rest。The key is to take a small amount of risk and then find a way to win more trades than you lose。While it may not seem like progress is fast enough, it's the most effective way to lay a solid foundation for future deals.。

Prioritize skills over money

Even with a good strategy, you can still lose a lot of money。But this is normal。Even professional traders sometimes lose money, so don't be too sad if this happens to your trades。Instead of focusing on monetary returns, accept the results and focus on improving your trading skills。

Take the time to learn as much as you can about the deal。Try different trading strategies, indicators and trading tools to see which one is right for you, this is also a good time to evaluate and improve your strategy。Remember that even losing trades can provide important data about your performance。You can also use this opportunity to focus on specific elements of the transaction to understand how they each work, making it easier to identify the problem。

Accumulate real-time trading experience

Beginners need to gain real-time trading experience in addition to skills。Simulated trading can be useful, but it does not trigger the same mentality as real account trading。Once you start taking risks with real money, you can only feel primitive mentalities like fear and greed。This mindset can make you lose control of your trading and lead to huge losses。But with enough experience, you will be able to make rational decisions based on the initial plan, thus avoiding emotional trading。Fortunately, OctaFX has provided this help.。

use compound interest

Once you start making money, you may be tempted to put some of your money out to pay bills or buy something new。However, if you want to increase the size of your account, you may need to resist withdrawals and start compounding, that is, adding profits to your next trade。Over time, your account will definitely grow exponentially, rather than the moderate growth every time you rely on open trades of the same position size, which will lead to slow linear growth。

Trade only with high probability settings

In order to further reduce the risk, you need to keep a critical eye on the trade, that is, you should only open a position if your analysis shows that the setting has a high chance of winning。You need to ensure that all conditions are met before you start trading。You can use technical, fundamental and market sentiment checklists to analyze the situation and find the ideal setting。

Don't overtrade

When trading with small accounts, it is easy to fall into the trap of over-trading, which refers to multiple trades with high leverage, which of course also leads to high trading losses。Traders with limited budgets tend to expand their accounts through over-leveraged positions in order to make huge profits。Unfortunately, it's a direct path to disaster。You need to take responsibility for your risks and understand how much you can afford to lose。

Stop comparing yourself to others

Finally, it's important to understand that comparing yourself to others only brings jealousy, impatience and frustration。Sometimes, it's a good idea to read the stories of successful traders just to understand how they work, but don't let it destroy your confidence and make you feel inferior。It is not a good idea to follow the strategies of other traders, because in reality, everyone has different goals to achieve。To be successful, you need to find the style that works best for you。

Find the right broker

While there are hundreds of excellent brokers, not all are suitable for small traders。In addition to basic aspects such as safety and regulations, you also need to consider other factors such as:

• Low transaction costs
  First, you need to choose a broker that you can afford, offering a lower minimum deposit and a smaller spread。Also, make sure the broker is reliable and transparent so you don't have to worry about hidden fees that may be burdensome later。
  
  
• Demo Account
  Before opening a live trading account at OctaFX, it is best to start with a demo account。Most brokers offer demo accounts for free, which is very convenient for beginners。You can use the demo account to practice your virtual currency skills, browse the trading platform and test your scenario。When ready, you can easily open a real trading account and start trading with real money。
  
  
• User friendly trading platform
  The quality of trading platforms may vary from broker to broker, and some platforms may be much more complex than others。If you are new to online trading, it is highly recommended that you choose a broker that offers a trading platform that is simply designed to save time and help you better navigate the platform。
  
  
• Rich learning resources
  One of the most important steps for beginners is to understand the basics of trading。Many successful traders teach themselves by reading a large number of schemes and applying them to trading。Therefore, it would be helpful to prioritize brokers who provide free educational materials in various formats, such as articles, webinars, etc.。

Developing Small Accounts in OctaFX

OctaFX is a popular regulated broker that offers a wealth of trading features at a relatively low cost, making it suitable for beginners to develop small accounts。The broker offers MetaQuotes software, including MetaTrader 4 and MetaTrader 5 - both well-known top trading platforms in the industry, available from desktop and mobile devices。In addition, the broker has a web interface for documentary trading that connects to its MetaTrader 4 platform.。

Here's how to open a trading account with OctaFX:

1. Visit the OctaFX official website and click "Open Account" on the homepage。
   Fill out the registration form and enter your personal information and password。For easier steps, you can also sign in with your Google or Facebook account。
   Confirm Email Address。
   Choose your preferred trading platform and account type。
   Make initial deposit and verify identity for withdrawal。

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OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and close-to-client service。OctaFX was founded in 2011 and is headquartered in Nicosia Strovolou 47, Kyros Tower。

OctaFX has received authoritative awards including "Best ECN / STP 2019" and "Best Broker in Asia 2019" from FX Daily Info; the Best Broker in Asia 2018 from Global Banking and Finance Review Magazine; and the Best Forex Broker and Best Trading Conditions 2018 from European CEO Magazine.。

For traders in most countries, OctaFX is licensed by Octa Markets Incorporated and registered in Saint Vincent and the Grenadines.。The broker also offers various facilities, such as live chat in Indonesian and WhatsApp support services, and deposits and withdrawals can be made through various local banks.。OctaFX does not charge a commission for every deposit and withdrawal made by a trader。

OctaFX offers different types of accounts that use market execution (STP / ECN) and 0.Floating spread of 2 points。All accounts of the OctaFX broker allow the use of various forex strategies, including scalping, hedging and trading with an EA。

There is also a fixed exchange rate discount when opening a Micro MT4 account.。All deposits made in IDR will be calculated at the exchange rate of US $1 = Rs 10,000 and will be credited to the trader's account balance。In addition, Muslim traders who want to avoid overnight interest can also use a no overnight interest account。

OctaFX trading is also suitable for novice traders。Because OctaFX offers low spreads, from 0.0 points to start floating, the required initial deposit is also very low, only $25。Account currencies are USD and EUR。

OctaFX gives 50% bonus every time a trader makes a deposit。and OctaFX's opening opportunities increase, deposit bonuses can be withdrawn on terms and conditions。

If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type, where traders simply enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account。

With the Autochartist function, the opportunity to make a profit is also increasing。Traders are quickly notified when a trade shows a profit signal。Trend prediction accuracy reached 83%。

Traders do not need to worry about the security of the broker's funds, OctaFX uses segregated accounts and protects personal data and online financial transactions through SSL technology, which is adjusted according to international accounting standards and regulations.。

Another advantage offered by OctaFX is the Trade & Win program。Opening an account with OctaFX will give you the opportunity to collect lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX to redeem the prizes for this promotion. Prizes include T-shirts, Android smart watches, smartphones and laptops。

OctaFX often has bonuses and other promotions, the broker runs weekly trading competitions on demo accounts and offers real bonuses that can be used for trading。

One of the prize contests is the OctaFX Champion-MT4 Demo Contest, with four winners per period and a total prize of $1,000.。

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OctaFX is an international Forex broker operating worldwide and is part of the Octa Markets Incorporated Group, which is registered with the Saint Vincent and the Grenadines FSA。Currently, the company focuses on the Asian, South African and Australian markets.。OctaFX.com does not accept European customers because the market is dedicated to OctaFX.eu (regulated by CySEC) designated。