How to Quickly Grow Your Forex Trading Account 2023

When it comes to our trading accounts, we all have goals. We want to ensure that our money is doing something for us and that our investments are paying off. We also want to make sure the money is safe and that we aren’t taking any risks that aren’t necessary.

You might be trying to get to a big number in your head. Maybe you want to start with something small.

No matter what it is, we all want to grow our accounts quickly and efficiently. To do this, you need to figure out what success looks like and make a plan to get there. This could mean making a budget, setting up an automatic savings plan, or even making your contributions more often. It is also important to know the different kinds of investments and the risks that come with each.

Even though there is no one magic way to make your trading account skyrocket, there are a few things you should pay attention to. All of them make growing an account much faster and more effective.

These are some of the best things I’ve learned as my own account has grown. They’ve helped me reach my financial goals in just a few years.

So, let’s look at what you can do to make your forex account grow faster.

Ratio of risk to reward

I won’t beat around the bush in this article: your RR is probably the most important thing you can do to grow your account quickly and effectively.

Your return on risk (RR) is the ratio of your goal to your stop loss. I suggest an RR of at least 1.5.

If a possible setup gives you a 1.3RR, it is not good enough to enter a trade. Just like that.

Your minimum could be different; many of my students use 2RR as their minimum. But I think you shouldn’t go below 1.5RR.

Why? Well, if you use 1 as your minimum RR, that means you need to win more than half of your trades overall to be a profitable trader.

Now, with a 1.5RR minimum, you need to win more than 40% of the time to make money.

It’s a big deal to get an extra 10%.

For every three trades you lose, you only need to win two to make up for those trades. This helps with something that a lot of traders do, which is to chase losses.

You won’t feel as much pressure to “win at all costs,” which will let you trade at a higher level.

Being a profitable trader is more important than being a winning trader when it comes to trading.

When you trade, you need to protect your capital, and if you stick to a minimum RR, your account will grow much faster than if you didn’t.

Funding an account

When it comes to forex trading, the amount of money you can trade with has a big effect on how much money you make and how much you grow.

The more money you have, the more you can make from each trade. Your return is a percent of the size of your account.

So larger amounts of capital generate more capital. It’s why the rich seem to get richer so easily while the poor have a hard time getting past the ceiling.

Let’s say you have $1,000 in your account. At a return of 5% per trade, you win $50 for every trade you win. Your 5% return on a $100,000 account goes up to $5,000.

So, if you want your account to grow quickly and well, it will be much easier if you can add money to it. But there are some things that could go wrong.

If you are just starting out as a trader, you MUST start small when trading live. If you put all of your savings into trading right away, it would be too hard on your mind.

We suggest that you put money into your account every month instead. Even if it’s a small amount, it will help you get bigger returns and grow faster over time.

Consider a pension plan. Every month, you put a small amount into your pension. You can do the same thing with your real account.

Trade Multiple Time Frames

At first glance, you might be surprised to see “Use multiple time frames” on this list, but it is a must-do.

Look, we all have our own favorite ways to trade, setups, and time frames. But as price action traders, one of the best things about us is that we can change.

If you don’t use indicators, you can go to any time frame, look at price action, and figure out what the price is trying to tell you.

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If you want to grow your account quickly, you should trade on a number of different time frames.

Take your time, though. If you are new to trading, you need to learn how to crawl and walk before you can run.

This is what I want you to do because if you do, you will find more trade setups. Think about it: if you only traded one time frame on a pair, you would only see a small part of what price action is trying to tell you.

Learning to trade on both large and small time frames will give you so many options that you’ll have to start separating good trades from great ones.

Even if you don’t know for sure, you should start looking at other time frames. I still use a demo account sometimes because it has its uses. It gives me a chance to try out and improve my strategy on different time frames.

If you do the same, you will give yourself more chances to trade. Think about how slow the market is right now as an example!

On large time frames, so many pairs are moving sideways. Instead of saying, “No trades today, oh well,” go to the lower time frames and you’ll often find some exciting price action. Look at the example below to see what I mean.

Overtrading

Now I’m sure you remember that I just told you to look for more chances to trade. But when I tell traders to look for more trades, they can get into trouble. This is the problem of overtrading.

Remember how I said you’d have to start figuring out which trades are great and which ones are good? I was serious.

You shouldn’t take every possible trade that comes your way. Not only because you need to have the most money in your account but also because some are just better than others.

If you trade too much, your account won’t grow as fast as it could. We do want the economy to grow quickly, but we also want it to grow in a way that is efficient.

If you don’t stop it, overtrading will make you much less efficient. So, when it comes to how we play offense and defense, the first two points are about offense and this point is about defense.

This is related to FOMO, or the fear of missing out, and many traders have trouble with it.

Accept that you will miss trades and that not every trade will result in a win.

But more importantly, work on your price action analysis skills so you can pick the best trade out of a bunch.

Be Consistent

Last but not least, trade in a consistent way.

So many traders quit because they mentally give up and stop looking at their charts as much.

To grow your account, you need to be consistent.

Big wins and big jumps forward don’t lead to account growth. It comes from making small choices every day.

These add up to make steady progress and make it less likely that a big setback will happen.

Do something, even if it’s just checking your charts once a day to keep up with the major pairs.

Spending consistent time on your charts leads to growth. It doesn’t even have to be that much per day since you can only analyze so much.

But what matters is how things keep getting better. This is the glue that helps you grow your accounts because it helps you stay up-to-date and relevant in the market.

“If you don't find a way to make money while you sleep, you will work until you die.”

- Warren Buffett

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