Scaling up my forex position
I began trading forex with a $500 account and a 0.01 trade position as a Micro Lot. I've written a simple article about position size differences here .
Screenshot of my trade result in June 2021, when I began to profit.
Screenshot of my trade result from last week, February 18th, 2022.
After about 8 months of profitability, I began to increase my average position size to around 18x (from size 0.01 to 0.18).
Scaling up gradually over these months was not as simple as it appears. Looking at the results, you might think it's just ensuring enough account capital to avoid margin calls and increasing position size per trade. Scaling up, in my opinion, is not as simple as it appears because you may be caught in drawdown at times.
Below screen shot is an example of drawn up I'm overcoming last month Dec 2022.
Can you keep your cool in the face of a massive drawdown? Personally, I can say that it is not easy, but having faith in my trading plan helps me overcome my emotions and drawdown. The AUDUSD huge drawdown (-$5.6K) trade resulted in a $68 profit.
Doing something uncomfortable is the key to growth, and remaining calm during a drawdown is a sign of great trading psychology. I had to execute my trading plan to recover my drawdown by remaining calm.
While scaling up has the potential to increase profits, I kept reminding myself to focus on the process of trading to get it right rather than chasing profits. I truly believe the market will not reward impatient and greedy trader. Focus on developing the necessary trading skills, and money will flow.
I'm currently working full-time while growing my forex account to the ideal size of $200,000. My current account balance is around $30K, so it will be a long journey.