Welcome to the world of day trading! It’s excellent that you’re starting with a demo account.
Here are my tips for managing a small trading account:
- Don’t risk more than 1%-2% of your balance on a single trade. If you have $1,500, this means not putting down more than $15-$30.
- Make use of stop loss orders to limit potential losses. Set these based on the volatility of the asset you’re trading and your risk appetite.
- Start with low leverage and only increase it as you become more experienced and confident in your trading system.
- Avoid overtrading as each trade can incur costs and too many losing trades especially could cut into your profits.