Forex Mini Trading
Forex mini trading is the medium of choice for most new traders in the market. So what is a mini account anyway? Does it require a magnifying glass to read the charts? Here are the basics of what you can expect with this type of account when Forex trading.
When you open a standard account in the Forex market, you will be trading standard lots. This means that you control 100,000 units for every lot that you trade. By comparison, when you open a mini account with your Forex broker, you will control 1/10 of the number of units or 1000 units.
What it Means
The main way that this affects you is that the pips in your account will represent less money.
Instead of each pip representing $10, each pip will represent $1.
Using this type of trading account can be beneficial when you are just getting started in the game. Instead of having to come up with a huge amount of money to get involved, you can usually get involved for only a few hundred dollars. This lowers the amount of money that you have to risk in the market and it can help you while you are learning.
When you are trying to decide which type of account to open, think about what you want to accomplish as a trader. Do you have big bucks to invest? Do you feel very confident that you can win in the Forex market on a a regular basis? If so, you might want to lean towards a standard account.
On the other hand, are you a complete newbie? Are you just now hearing about the Forex market? If so, you should probably start out with a demo account and then work your way up to a mini or even a micro account.
If you're ready to get started and try your hand at mini trading, you might as well get paid to do it, right? Through the Cashback Forex program, you can open an account with one of many brokers and then get rebates every time you place a trade. Pretty sweet deal, wouldn't you say? Click on the banner below to get more details and to open an account with the broker of your choice.
Return From Forex Mini Trading to Forex Brokers
Return From Forex Mini Trading to Forex Trading