From Micro to Mini to Full Lots--ideas for transitions

There was a post today on the EU thread, talking about how microlots are inconsequential.

I disagree. I trade microlots, slowly working my way up to bigger sized orders. They are educational and practical for those starting with smaller accounts. I take my orders as seriously as if they were full lots, Here's how I hope to transition to larger sizes:

--I risk 1% of my account
--I changed the profit displayed on my MT4 from a cash value to a pip value, so I get used to reacting to that, instead of a monetary (emotional) amount
--I only allow a set number of orders open
--I know exactly where (total account size) I can increase my lot size to the next increment.

Of course I am not able to live on this, but I figure it is a reasonable, rational way to get me there as I continue to learn.

Anything I'm missing?
Have you transitioned from smaller lots to larger lots? What worked for you?

1 full lot untill i raise my account to big size

Micro lots are good until your account gets to around $200k as you can control the granularity of your trades easier.

Peter--I got a ways to go!
Thanks for the advice,
Tanya

No problems. It was advice I got ages ago from one of the most respected MM experts around here. You don't see him post here any more (he still trades btw) but if it's good enough for him it sure is for me.

hey leaps..... "" Anything I'm missing "", anyone netting 1% or more per day is missing nothing....... sounds like you have most us beat...

""microlots are inconsequential""" there are consequences to any size lots and my account has the red ink to prove it..... so here again , i agree with you....


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""Have you transitioned from smaller lots to larger lots"" ... for me it has been just the opposite.... started with full standard lots and transitioned to smaller ones....

that transition was not due to losses..... huge losses in indexes and futures are commonplace for me, i'm all to well accustomed to losses ....

the transition was due to me accepting the fact my forex trading needed much improvement..... small lots seems to be helping in that reguard....

What worked for you? the only thing that has worked for me is the total use of ea's..... they keep keep 'me' out of the equation...... don't trade like a hayseed......h

As I said in the EurUsd thread, the FXCM micro account is all I could afford.

The demo account was play money. I could easily let a position ride until it made good money.

I started with just $40.00 invested. I have had the account up to $165.00 just trading on my gut instincts after my first margin call (I left a position open without a SL). That high was before I decided to get more education.

I have just had my third margin call. This education is costly, but I feel in the long run will be well worth it. Correction 4th margin call.

I work at trading for a bit after the London open, then it is time to get kids up and to school and work for me. After I open my business I get a chance to get into trouble again. My main trading period is the Asian session when I have time to evaluate things.

My trading goal was initially to supplement my income that took a big hit this past spring. I have reasoned that I need to build the account to the point that it will throw off an additional $100.00 per day. That is only 10 micro lots and 100 pips per day. 100 x 5 x 52 = $26,000.00 per year.

After that my goal is to increase my account to a mini so those same pips are a dollar each. 3 lots x $1.00 x 100 pips = $300.00 per day = $1500.00 per week = $78,000.00 per year.

Now all I need to do is learn a good system, stop forgetting to put in stops like I just did before I was called away from my desk.... (anybody want to mentor me or show me your good system and how you work it?)

Soon it will all light and beautiful and I will have a second income that can replace my main income and provide even more than that.

Micro Accounts are truly Get Rich Slowly accounts.

I tried to PM you but it isn't switched on.

Yeah, I just graduated from Junior Member to member last night. I'll fix that right now.

Okay, Options are edited, PM's are fully functional. I couldn't find the hot forex babes only button though.

i thing "from micro to mini" the the sign of progress =)
but isn't it just an illusion: you put at stake 100$, get 25 pips in the morning, but loose 30 in the evening and the same happens day after day... only sums change...?

You can make a lot trading microlots.
I have only ever tried it over a 2 week period and then I realised that it is a big advantage to reduce your stake. I made those 2 weeks among the most profitable on a % basis and consistency basis then I did for years. It gives you the opportunity to scale in gradually many times.

Very Interesting....
I actually scaled back, and found I am more comfortable with a smaller lot and a bigger SL. May not work for everyone, but works for me (most of the time, at least )

i'd like to say that micro lots and micro accounts are safer and having of them is even more... 'cause you diversify your risks (the total risk leve reduces and at the same time total chance to win increases)