A huge issue that many traders fall victim to is not being mentally prepared to scale their capital. Sounds crazy, right? – But think about it.
Imagine you’ve been trading a $5,000 personal account for the past 2 years, do you think you be able to handle the profit and loss swings on a $100,000 account, or do you think this will affect your psychology? – If so, take it slow.
Obtaining funding doesn’t need to be rushed and it’s not a race to get to the end goal, what’s important is to keep the funding that you do manage to achieve! – This means taking it slow and understanding that this is a long-term game and skill that you’re building.
As the old saying goes: “Rome wasn’t built in a day”.
To get used to the funding size there’s a couple of preparation exercises that one can complete to become more comfortable with the risk that’s on the table with their funding challenge.
Firstly, you can open a demo account with the balance of the funded account that you’re going to purchase and trade that for a few weeks/months. Get used to everything, the lot sizes, average p&l, commissions etc. Eventually these numbers will become normalized in your mind and you will become more comfortable with the scale of the account.
Alternatively, you can trade a small live account and connect your funded accounts together by using a trade copier so that you have a master account (small live account) with multiple slave accounts (larger funded accounts). This way when you’re managing your trades, you’re looking at smaller p&l swings and smaller position sizing.
It’s important to understand that you scale your capital gradually to ensure for longevity in this game. Focus on growing the skill and scaling your capital.