I have actually decided to trade on micro lots. I took this decision when I wiped off my account and did some analysis. Micro lots means every pip gain gives a 10-cents profit. Many traders actually do not know that brokers do offer micro lots. The common ones are the standard (1 pip = $10) and mini lots (1 pip = $1).
What's the main reason why I want to trade micro lots even though I make so little money? I want to train myself to be emotionally detached from my trades. Well, I only make $2 for a 20-pip gain. When I did mini lots then, I was quite greedy that I started overtrading. But I won't stick on to micro lots forever as you really can't make much from micro lots. Micro lots are just to train up my trading psychology. As I get better at it and am emotionally detached to my profits and losses, I will go back to mini lots.
The most important thing that a trader must possess is a solid trading psychology. The best system won't get you the results if you don't have a structured trading plan and proper trading psychology.
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