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One of the important skills in forex trading is to open the size of the trading position that corresponds to the account capital. Some may wonder why it is so important to open a suitable lot size position. In this article I will explain why opening a suitable size lot is an important skill in trading. What Does Trade Position Size Mean A simple explanation, the size of the trade position is the number of "Units" or "Lots" we want to buy or sell for the currency pair. Why Is It So Important? Opening the right trade position size is one of the important steps in money management. By opening the right size lot it will be able to determine whether your trading account can last long or not because it will prevent the trader from risking too much in one trade position. Ye may think that if you open a large trade position they have a chance to make a big profit. That’s right but at the same time there is still a risk of incurring huge losses as well. If we do not practice opening a trading position with the right size, we may open a trade position that is too large and the risk of incurring that loss is higher. It is better for our trading account to last longer than to take a big risk that may harm our trading account. So How To Overcome The Problem Of Opening Too Great Trade Positions? 1) Know Your Limits The first way is to find out what limits we can risk each trade position. For example let's say the trading account starts with a capital of $ 500. The amount of risk commonly recommended by professional traders is 2% or 3% of the total balance of our trading account. So if our account balance is $ 500 and want to use a maximum of 2% risk, we can know that the maximum amount for us to lose is - $ 10 for each trade taken. If you are not sure how to calculate do not worry, you can click here to go to the Lot Size calculator. 2) Trading Checklist Trading checklist is a list for us to check before opening a trading position. If you are always experiencing problems such as opening a lot size that is too large or always experiencing losses due to emotions, I recommend you to make a trading checklist. Trading checklists can help to reduce losses by making us aware of our mistakes before opening any trade position. If you want to know more details about trading checklist and how to create a trading checklist. You can read this article: Trading Checklist How It Can Reduce Our Loss. I have explained the trading checklist in more detail in the article. Often traders will be more focused on entry and also exit trade. But using the right lot position size is more important and can determine whether they will be a successful trader or not. It is something that should not be underestimated by traders. Have you ever seen a trader where they open a lot of trading positions and close all the trading positions soon. The trading style is called Scalping or another name called scalper forex trader. This scalping trader makes a profit from the change in price movements in a small market. Because their profits are usually small, they need to open many trade positions in a day to generate significant profits. How Forex Scalping Works Forex scalping is probably one of the trading styles most traders use. The difference between scalping and intraday trading is the length of time the position is held. Intraday traders will usually hold their trade position within a few hours before they start closing the trade position, but scalper they only open the trade position in 1 minute to 10 minutes for each of their trade positions. Because of that, scalper traders usually trade in small time frames like M5 and below because they only want to make a profit from small market changes. Although this scalping trade sounds like fun but it is quite difficult to do again if you are still a new trader. Try to start from intraday trading strategy first before starting to become a scalper. If you are still not successful with intraday style trading there is a high possibility that scalping is not suitable for you because to become a scalper trader you need to have features such as fast reflexes, can make decisions in the short term and also a strong soul due to movement the market in the low time frame is quite fast and we need to make quick decisions. Here are 5 things you need to know if you are a scalper trader. 1) Capital Most traders will think that they can change accounts from small capital such as $ 50 with high leverage can get big profits like $ 1000 by opening many trading positions for a short period of time. We need to remember that this leverage is like "Double Edge Sword" it can be an advantage or a disadvantage for us. One of the reasons why many traders fail is because they fail to take care of money management at the same time not knowing how the leverage actually works. Try to first understand how the leverage works and see if your trading capital is actually suitable to open many trading positions in a day. This applies to all types of intraday, swing or scalper trading styles. But because scalper usually opens many trading positions in a day, it is important for scalper traders to take care of their money management. 2) Market Spread As a scalper you need to use a broker that offers this small spread because when a scalper trader opens a buy or sell position they have to wait for the market to move beyond the market spread before they can make a profit usually the scalper only seeks profit in 5 to 10 pips only. Brokers also usually like scalping traders because they profit from spreads and because scalpers often open a lot of trade positions they have to pay the spread to the broker in other words more scalper trade traders, more profit for the broker than spreads. 3) Market News Because scalpers usually trade in smaller time frames to capture small market change movements it is very important for them to know about the economic calendar to see if there is any news coming out in the near future. Usually when there are news results coming out in the near future, the liquidity market will start to increase and there is a risk for the market to move in the opposite direction from your trade. Always know when there is news or events nearby that will happen to avoid the risk of the market suddenly moving against our expected direction. 4) Focus On One This scalping requires a high level of focus from the trader because the market movement is fast in a smaller time frame and the market can change movements in the blink of an eye. Because this is good to practice focusing on one pair at a time, it will make the process easier for you to manage the trade rather than focusing on 3 or 5 different currency pairs simultaneously. Try to focus only on 1 or 2 currency pairs at a time. 5) Trade Time As a scalper you need to know when is the right time to trade and because the scalper makes small profits in the short term they need liquidity. Market usually starts active when in London and New York sessions, Malaysian night time. But if you want to trade during the day you can read the article below where I have explained the time when it is suitable for the trade market and which pair is ok for that time. 6) Psychology Trading in a small time frame requires psychology as well as a strong mindset because scalper traders will usually be more vulnerable to pressure than other traders such as intraday or swing traders because as scalper traders they need to constantly monitor price movements. With scalping the risk is greater because they open quite a lot of trading positions at one time and therefore the risk of making the mistake is higher due to emotional disturbance. Make sure you have high discipline and do risk management to find out where you will close your trade position in the event of a loss. Remember this trading is a business and not a place to get rich quick, to be a consistent and successful trader it will take time. The forex market operates 24 hours a day from Monday to Friday. Although this forex market is open 24 hours a day, you never think when is the right time to trade the forex market. It is important for us to know when is the right time to trade the forex market because as traders we want "Volume", without market volume there will not be much movement. High volume only occurs when more traders join the market, when more traders join the market, more supply and demand in other words the movement that occurs. Due to the time difference between countries there will be active and slow market times. The reason why traders need volume is one because of movement or liquidity, secondly when the market is not much spread movement, the difference between selling and buying price will usually be wider when liquidity is less in the market, so transactions when we want to trade may be more expensive then . So when is the right time to trade forex? We need to know in the forex market there are 3 market sessions. 1) Asia, such as Japan, Australia & New Zealand. 2) Europe, countries such as Germany and London. 3) US, New York. When the 2 sessions collide that time a lot of trade volume enters the market, every day there will be a time when the Asian market collides with the European market, and the European market collides with the US market. Usually when London and New York are open, that time has the most liquidity or volume in the market. So the best time to start forex trading is when these 2 market sessions collide or open simultaneously. when the 3 o'clock Malaysian time is the time the Asian market collides with the European market. At 8 pm Malaysian time is the time when the European market collides with the US market. Why Do We Need to Trade At This Time? If you are an intraday trader or scalper, you need liquidity in the market to trade and when the time of the clash is the right time for you to trade. If you are a position trader or swing trader who holds their trade position for a long time, it may not have a big impact on you, but you still need to be careful because during this time because there is still a risk for the spread to be wide and touch your stop loss level. This trading can be stressful from time to time, to be a consistent and successful trader we need to always be ready before we start trading. By preparing in advance we can increase confidence, discipline and the right mind-set while in the market. Just like athletes even before they start fighting in any competition they will prepare themselves first before the match starts. If you want to give yourself the best chance to succeed in every trading session, you need to make preparations like most professional traders. So I will share what my own routine is every morning before I start looking at charts every day. You do not necessarily follow 100% of what my routine is, you can guide this to build your own daily routine. 1) Get up & take a shower Ok this first point is very clear we need to take a shower after waking up in the morning. Why I put this as a routine is the reason I used to make this mistake many times where after I woke up I kept looking at the chart. It is not a good thing to see the chart as soon as we wake up because our brain will usually take 30 minutes to be completely fresh. If we look at the chart after waking up, we will usually make a lot of mistakes in the analysis and then it will be the cause of our loss. The routine I practice is after waking up I will take a shower first and also drink an empty glass of water (Warm) because when we sleep our body becomes dehydrated and 70% of our brain is made up of water. So by drinking plain water our brain will be fresher. 2) Exercise Exercise is one of the best ways to start your day and it can develop our brain faster. No need to do very heavy exercises for simple things like push-ups, or even sit-ups are ok. By exercising not only can help us stay healthy it can also help us to breathe calmly and control our emotions and feelings. It is important for us to stay calm and control our emotions because it can influence our trading performance. 3) Learn Market Event It is also good for us to know the economic calendar for the day and the time of the event decision will take place. This is to avoid getting stuck when there are news results coming out because when the results come out usually there will be a lot of liquidity in the market and the risk to stop out is quite high. What is recommended is to avoid the currency pair trade if there is an event that will happen within an hour, if you already have a trade position before that does not make sure you have done trade management to reduce the risk when the news comes out. 4) Remain In This Routine Lastly, make sure you stick to the routine and practice it every day, making it a habit if possible. Although it may seem like a small thing but it can have a big impact in our trading. You also need to remember that the market will not always follow the direction of our expectations, what we can do is to prepare ourselves in the event of a loss in our trading and avoid making the same mistakes in the future. By preparing ourselves before starting trading we will be one step ahead compared to most other traders. 1) Remain Simple Now there are many resources for us to learn about online trading, so most traders will have fun looking at the various types of indicators and trading strategies out there. There may also be traders who think more indicators are good for analysis, but the opposite is true. If you use too many indicators on the chart it will start to look fibrous and it will be more difficult to see the price movement in more detail. Try to limit the use of indicators in 2 or 3 at most and use only the required indicators. For trading strategy, we must all have seen other trader strategies and it looks good but when we use that strategy it does not seem to be very then we start looking for other strategy traders and this process continues. It may not be the wrong strategy but ourselves, maybe the way of trading style that does not suit us. For example you may be suitable for scalping trading methods but learn swing trading strategies as well as vice versa. Stay with the trading method that suits you, not because we see that there are successful traders making a lot of profit by using that strategy we continue to want to throw away the strategy we are using. There is a possibility that the strategy does not suit us, so it remains simple if you already have a consistent strategy do not go switch to another strategy just because some traders succeed in making more profit using that strategy. 2) Follow the Trading Plan The advantage of having a trading plan is that it can help traders by becoming more disciplined and making decisions based on strategy rather than emotion. Having a good trading plan can help traders such as: Easy To Trade: All plans for us to open a trade position have been made in advance such as the appropriate lot size, where to place stop loss, etc. Overcome Emotional Problems: It can help us overcome the emotional problems that are common in traders such as fear and greed because we already know where we should take profit and where to "cut loss" in the event of a loss. More Discipline: By sticking to our trading plan we can become more consistent in our trading. But traders who do not have a trading plan will experience problems such as: It is difficult to adapt to changing conditions in the market. Traders will not be able to be emotionally prepared. Cannot be consistent. 3) Take Care of Risk It may be quite interesting to see other traders make big profits and they do not use any stop loss, use high leverage, open large size lots with small accounts. Although it is not impossible to get such results but there is a risk to make your account balance to empty. You need to remember that no matter how great the strategy, there will be a time when the market will not move towards the expected analysis. With weak risk and money mangement we can lose all our capital. Risk management is very important in trading and that is what differentiates us from a gambler. If you want to stay longer in this industry or want to make this trading as a source of income, you need to know how to take risks. I will repeat once again THAT RISK CARE IS IMPORTANT !!! 4) Logic Target The main reason why many people want to start learning about trading is because they see that some people have managed to make a lot of money in this industry. It is true that it is not impossible to make money in this field but what is wrong is when new traders expect that they can make a lot of money in a short period of time. A common fact shared is that more than 90% of traders fail in this industry and in 70% traders will give up within 2 years. That is a common statistic shared in this forex trading industry. One of the main reasons why most traders lose and fail is because they have too high expectations in trading, they expect that they can already make this trading as their source of income in 3 to 6 months while to be consistent in trading can take years . So if you are just starting to get involved in this field make sure you set a reasonable target and not a target that is too big and unreasonable. It is not 100% the fault of new traders because there are a few individuals who also say they can generate income as a trader in a few weeks or months only if they buy a course and study with them. 5) Be patient Perhaps the easiest tip is to be patient. It will take time to become proficient in something. It took me 3 years before I started seeing results. So do not give up, if your trading account has just become empty you may have made a mistake, try to review the trade and rehearse on a demo or micro account with a small capital. To be a successful and consistent forex trader is not an easy journey but it does not have to be complicated. Do not be ashamed and do not be shy to try to get help and guidance from successful traders, they already have a lot of experience and tips that can be shared. Investing and trading are among the 2 ways for us to make a profit in the financial markets. However, the terms investing and trading are very different things. Today we will see what is the difference between investing and trading and which one is better. - Investing The goal of investing is to build wealth slowly over a long period of time. Among the common assets people invest in are Stocks, Mutual Funds, Bonds & Real Estate. Such investments are usually held for a long period of time usually more than 10 years. - Trading Trading involves traders making trading transactions within minutes to a few days taking advantage of short-term volatility movements that occur in the market. There are 4 types of trader categories: 1) Scalper: Traders who hold their trading positions in seconds to minutes. 2) Day Trader: The type of trader who holds a trading position throughout the day but will not hold that trade position until the next day. 3) Swing Trader: Traders who hold their trading positions for several days to weeks. 4) Position Trader: Where the trader holds their trading position for more than a month. The Difference Between Trading & Investing The significant difference between investing and trading is with trading we need to make trading transactions regularly to generate profit, but for investing they rarely do trading transactions because they hold their investment for a long time. But there are still other differences between them. - Benefits With trading the profit opportunity will be greater than investing because, trading allows us to take advantage with the movement of small price changes happening in the market. Where as investing we have the opportunity to make a profit with other capital if with shares, for example there are many companies out there that offer dividend payments to their shareholders, the dividends are paid quarterly or in annual form. With the income from the dividend payment we can use the dividend proceeds to buy more shares of the company this process is known as "compounding". You can think of it this way, we only buy the company's shares once but by getting a dividend payment we can buy the company's shares again without having to spend any more money. Not only that, if the company's performance is good, the value of the company's shares will also increase so we have the opportunity to generate 2 income there one with the second dividend payment is the value of the company's shares. Risk Of course, the risk will remain in any industry, but there is a difference of risk between trading and investing. The risk as a trader is higher than investing because as traders we are more vulnerable to the dangers of the volatility market. For example, if there is a shocking increase in volatility in the market that can make the market to continue moving up or down significantly in the short term it can be a risk for traders. But that also means that with trading there is an opportunity to make huge profits when the market volatility is high. That is why this trading is called "High Risk & High Reward". While investing is not easily affected by the high rate of volatility increase for a short period of time because their position is usually held for a long period of time. That is why the stock market is labeled as "Low Risk & Low Return". But there is a chance to get higher returns when using compounding techniques and reinvesting the dividend payment we receive. - Time Maybe you can already guess that investing does not have to always spend a lot of time to make a trading transaction decision compared to trading where we need to make frequent trading transactions to make a profit. For investing it is quite rare to do hard work except to read the economic developments as well as the companies invested. - Which is Better Investing or Trading Trading and investing are 2 ways to make a profit in the financial markets. But will one be able to give more returns than the other? Neither, both have the potential to provide high returns or experience losses. Trading may seem like a high return for a short period of time but there is still a risk of losing capital during high market volatility. For long term investments also do not provide 100% guarantee of success. We still need to do research on the company we want to invest in, whether the company is good, what is the financial level of the company, whether the company has good management and more. If we want to invest in real estate is no different, we still need to do research such as, where the area is, whether the area will develop or not, so. The conclusion is that trading and also investing can both provide good return potential, we just need to spend time with more in-depth study before making a decision which we feel is more suitable for ourselves. In this financial world the more knowledge we have, the higher our chances of success 🙂 So that is my view between trading vs investing, I myself also have a portfolio of investments in the stock market and at the same time I still trade the forex market, so I can do both once if I want. Just make sure you know and understand the risks involved in both at once.